September 26, 2023

The world’s leading digital asset, Bitcoin, showed determination to keep its grounds within the past few weeks. Nevertheless, recent price movements saw the crypto dipping beneath $22K, catalyzing sharp losses for investors. Furthermore, even the demand region endured a massive blow during this publication.

The bloody Sky

The cryptocurrency market saw increased liquidations within the past 24 hours. Coinglass data shows liquidations amounting to approximately $600 million plus 168,568 trades liquidated within the mentioned timeframe.

Bitcoin surrendered the fight to overcome the resistance at $25K over the past week, plummeting beneath $22K to record a new 2-week low near $21,747. While publishing this post, Bitcoin hovered 1% down on its price charts.

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Besides the asset, its related products hurt severely. Bitcoin ETFs and funds still show an absence of demand since the mid-June sell-off. The crypto bloodbath reworked a recognized BTC ETH that introduced the most lucrative debut into the highest insurer’s loss.

Jan Wustenfeld, a renowned BTC analyst, recently tweeted about this development, engaging his Twitter followers. The Canadian BTC Purpose Spot Exchange-Traded Fund holding declined to 23.3K from 47.8K BTC on June 17. Holdings have stayed flat since that, currently hovering at 23.6K BTC.

BTC-specific funds (on a daily price close) saw somewhat stagnant enthusiast traction. Wustenfeld stated that last week saw small out- and inflows. Moreover, ByteTree data shows aggregate funds’ holding didn’t present massive moves.

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The graph showed investors utilizing the funds adopted a cautious stance due to increased Bitcoin exposure. Santiment’s on-chain data indicated that the MVRV ratio wasn’t in a lucrative spot to allow profit booking.

Fail is All We Have

Can BTC survive the present downside? Yes, according to evidence from Bitcoin’s past rebound and price action. For example, July saw Bitcoin rebounding from the support it explored during this publication. However, only time will reveal whether Bitcoin will repeat its past.

The crypto market has seen massive plunges over the past few days. The global crypto market capitalization seemed ready for dips beneath $1T, losing 1.90% over the last 24 hours (Coinmarketcap data). As stated early, time will tell.

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