The weakness of BTC near the lower boundary of the ascending channel was continued – the cryptocurrency began to rapidly become cheaper late on Friday evening. After a sharp decline in quotations on Saturday morning to $ 42 thousand, there was a quick rebound above $ 47.5 thousand. However, it is too early to relax, since from a technical point of view, there is still room for further decline: after a reversal of the “bearish” formation, a channel was formed, the penetration of the lower limit ($48.5 thousand) of which will direct the price towards recent lows – $ 42 thousand.
The fall hit BTC owners pretty hard:
The realized loss reached $2.18 billion. For example, during the May correction, this figure was $2.65 billion. One can hear that the current movement was provoked by high leverage values in the derivative market: positions of more than $1.8 billion were liquidated. Perhaps this played a role, but the root cause was the BTC plants on the leading exchanges over the past few days. As it became clear now, this was done not at all to buy off altcoins, but to fix profits on the main cryptocurrency. A similar pattern was observed in May 2021 and March 2020.