On Saturday morning, BTC quotes collapsed to $ 42 thousand, but rebounded extremely quickly to $ 47.5 thousand. At the moment, they are slightly above this mark, but the risks of a fall in the exchange rate are quite real. From a technical point of view, the situation looks extremely sad for buyers: a reversal formation has been drawn on the chart, under which a price drop below $ 48.5 thousand will send the price to Saturday lows and, with a high probability, even lower.
Speaking about the fundamental prerequisites for the correction, it is worth noting the import of large volumes of BTC to the leading crypto exchanges – more than 30 thousand coins over the past few days. If earlier there were hopes that this was done for the sake of buying altcoins at the resulting discount, now the fact of profit-taking is already obvious.
The recent sale dealt a severe blow to coin holders:
The realized loss amounted to $2.18 billion, which is only slightly less than the values of May this year – $ 2.65 billion. At the same time, margin positions worth more than $1.8 billion were liquidated. Apparently, it will take time for the recovery movements to begin so that market participants can recover. However, growth in the cryptocurrency market always begins as suddenly as a correction.