- The market expert’s analysis has raised concerns in the cryptocurrency market, especially after BTC has recently made strong gains.
- Ali Martinez warned the market by mentioning a potential 10% Bitcoin price correction in the next 3 days.
- Currently, market participants and enthusiasts are closely monitoring possible changes in the value of Bitcoin amid high volatility.
Bitcoin price started weakening on Wednesday, dropping below $51,000: Will the correction continue in the coming days?
Bitcoin Price Weakened on Wednesday
The cryptocurrency market is retreating following an expert’s warning of an upcoming 10% BTC correction within the next 3 days, citing potential volatility in Bitcoin’s value. The market expert’s analysis has raised concerns in the cryptocurrency market, especially after BTC has recently made strong gains.
As a result, the significant $300 million crypto liquidation in the last 24 hours contributed to market volatility, increasing concerns among investors and traders. Leading crypto analyst Ali Martinez warned the market of a potential 10% Bitcoin price correction in the next 3 days. Martinez shared this in an article where he posted a technical chart for BTC price and highlighted the sell signal on the 3-day chart of Bitcoin with the TD Sequential indicator.
He also emphasized the indicator’s past reliability, stating that similar sell signals preceded a 10% Bitcoin price correction in the previous two instances. This explanation, in particular, is causing concern among investors as similar signals in the past have led to significant price declines in BTC.
Currently, market participants and enthusiasts are closely monitoring possible changes in the value of Bitcoin amid high volatility. Additionally, Martinez’s views highlight the importance of technical analysis in navigating cryptocurrency markets and informing decision-making strategies for traders and investors.
This alarming prediction comes amid high market activity and growing concerns among traders. CoinGlass data shows that over 300 million dollars in crypto liquidation occurred in the last 24 hours involving just over 100,000 traders. Notably, the largest single liquidation order worth $9.70 million underscores the magnitude of market volatility.
Price Performance and Market Dynamics
The recent price drop in Bitcoin, coupled with significant liquidations, exposes the market’s vulnerability and the potential for further downside. In the last 24 hours, Bitcoin’s 2% price drop triggered over $48 million in liquidations on long positions and over $28 million on short positions. Additionally, Ethereum faced a total liquidation of $59.57 million during the same period.
In addition to concerns, CoinGlass data indicates a decrease in the amount of Bitcoin Futures Open Interest (OI), reflecting diminished confidence among investors. Currently, it has decreased by 2.49% in the last 24 hours to 460.64K BTC or $23.66 billion.
Especially on the CME Exchange, Bitcoin Futures OI dropped by 2.26% with a decrease of 129.77K BTC or $6.66 billion, and on Binance, it decreased by 3.67% with a drop of 113.53K BTC or $5.83 billion. This decline in open interest indicates a potential change in market sensitivity or trading activity among investors involved in Bitcoin futures, reflecting fluctuations in the cryptocurrency market.
Meanwhile, as of the time of writing, the Bitcoin price has fallen to $50,900, a 2.31% decrease, while trading volume has increased by 43.69% to reach $33.24 billion. However, there has been an over 22% increase in Bitcoin price in the last 30 days.
