Volatility is back on cryptocurrencies – The cryptocurrency market regains volatility, and the price marks a violent fall which has brought the price back around $25,000. The guilty ? Chinese real estate giant Evergrande goes bankrupt, and that does not please market operators who fear a deeper crisis. BTC marks a blood red candle over 10%, and there are plenty of liquidations to note on the buyers side.
Bitcoin price drops 7.5% in 24 hours
Bitcoin came back close to $25,000marking a fall of more than 12% before recovering. Therefore, the bitcoin price 7.5% drop in 24 hours :
BTC drop of almost 10% in one weekand over 11% in one month. In six months, the price only shows a 7% increase. For its part, the BTC/ETH pair 1.7% drop in 24 hours.
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Cascade of liquidations on the price of Bitcoin and cryptocurrencies
Volatility was at its lowest for several weeks, and the potential liquidations started piling up. The course has fell more than 12% on BTC and ETH, leading to numerous liquidations. The cryptocurrency market corrects, and leads to a cascade of liquidations :
In total, the cryptocurrency market registers more thana billion dollars in liquidations. According to data from Coinglass, on its own, the Bitcoin Records Over 500 Million Liquidations. In fact, it is logically the long ones (purchases) which have suffered the most, the market records $386 million in liquidations. The day is the bloodiest, by far, since May.
Bitcoin price returns to support level at $25,000
In view of the situation, it is important to take a step back. The course has lost support at $29,000and it is back at the level of the bracket at $25,000. This is a level that has already been defended by buyers :
From now on, the objective of the buyers is to keep support at $25,000. This area had resistance several times, before giving way in March. Then the course has bounced to $25,000making this area a important pivot to keep. If the price were to break this support, a return to the lowest level would not be impossible. As long as the bracket at $25,000 is maintained, the price may rebound, and return to the level of the resistance at $29,000. Also, the RSI breaks the bullish trendlineA shortness of breath signal is sent by the momentum indicator. The RSI should quickly return above this trendline.
The price of Bitcoin marks a violent fall and leads to a cascade of liquidations on the cryptocurrency market. In total, more than $1 billion in liquidations have been recorded in the cryptocurrency market. BTC is back at the support level at $25,000, a level that should be defended by buyers.
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