The decline in the pole and flag pattern led to substantial BTCitcoin sell-off, compounded by market factors, coinciding with a $1.05T crypto market cap. BTCitcoin's downfall resulted in $1B liquidation in 24 hours, with BTC accounting for $500M.
That's a lot of folks that have been liquidated and this incident isn't new, Bitcoin has always been volatile and that's why when you're setting a position you have to put a stop loss.
BTC's market cap dropped over 7.5% to $505B overnight, as price hovered near $26K. Recent sell-off liquidated $380M in long positions. The pattern disruption plunged BTC below $26K, highlighting $25K as a crucial recovery zone.
despite today's slightly recovery, market sentiments again turned unfavourable, but bulls still have the chance to defend them selves at $25,000 key support zone.
The chance is always there, while Bitcoin has been stagnant for the past months sitting on $29k-$30k~ for quite a while. The chance of it going down have been there and that's what the analyses that I have seen were saying and it actually did now.
