Bitcoin Price: Is BTC Heading For A 10% Correction In Next 3 Days?
Highlights
- Analyst predicts 10% Bitcoin price correction in next three days.
- The crypto market noted $300 million liquidation sparking market concerns.
- Bitcoin Futures Open Interest declines, signaling wavering investor confidence in the cryptocurrency market.
The cryptocurrency market is on edge as Bitcoin price faces potential turbulence, with a prominent analyst warning of a looming 10% BTC correction within three days. This analysis from the market expert has sparked concerns in the crypto market, especially after BTC witnessed robust gains recently. Subsequently, a staggering $300 million in crypto liquidations in the past 24 hours has added to the market’s volatility, exacerbating concerns among investors and traders.
Analyst Warns Of A Potential Bitcoin Price Correction
Top crypto analyst Ali Martinez warns of a potential 10% Bitcoin price correction within the next 3 days. In a recent X post, Martinez shared a technical chart for BTC price and said that the TD Sequential indicator’s sell signal on Bitcoin’s 3-day chart.
In addition, he highlighted the indicator’s past reliability, citing two instances where similar bearish signals preceded a 10% Bitcoin price correction. Notably, this announcement sparks concern among investors, as previous instances of similar signals led to significant price downturns in BTC.
Now, market participants and enthusiasts are closely monitoring market movements, anticipating potential shifts in Bitcoin’s value amidst heightened volatility. Besides, Martinez’s insights underscore the importance of technical analysis in navigating cryptocurrency markets and informing decision-making strategies for traders and investors alike.
Meanwhile, the ominous prediction comes amidst a backdrop of heightened market activity and growing apprehension among traders. CoinGlass data reveals a substantial uptick in crypto liquidations, with over 100,000 traders liquidated in the last 24 hours alone, amounting to a staggering $300 million. Notably, the largest single liquidation order, valued at $9.70 million, underscores the magnitude of the market’s volatility.
Also Read: Ethereum Whale Accumulates 65K ETH, A Price Rally Ahead?
Price Performance & Market Dynamics
Bitcoin’s recent price decline, coupled with significant liquidations, underscores the market’s vulnerability and the potential for further downside. In the past 24 hours, Bitcoin noted a slump of about 2% in its price, resulting in the liquidation of over $48 million in long positions and $28 million in short positions. Besides, Ethereum also faced substantial liquidation, totaling $59.57 million within the same timeframe.
In addition to the apprehension, data from CoinGlass indicates a decline in Bitcoin Futures Open Interest (OI), reflecting waning confidence among investors. Currently, it stands at 460.64K BTC or $23.66 billion, marking a 2.49% decrease in the last 24 hours.
Specifically, on the CME Exchange, Bitcoin Futures OI dropped by 2.26% to 129.77K BTC or $6.66 billion, while on Binance, it fell by 3.67% to 113.53K BTC or $5.83 billion. This decline in open interest suggests a potential shift in market sentiment or trading activity among investors in Bitcoin futures, reflecting ongoing fluctuations in the cryptocurrency market.
Meanwhile, as of writing, the Bitcoin price slipped 2.31% to $51,093.96, while its trading volume surged 43.69% to $33.24 billion. However, in the last 30 days, Bitcoin has noted gains of over 22% in its price.
Also Read: Binance Announces 47th Launchpool Project PORTAL, BNB Price Jumps
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