Bitcoin $107,041.02‘s price decreased by 2.4 percent in the last 24 hours, declining to 107 thousand dollars. On June 11, the largest crypto currency, technical correction and derivative markets, which tested the resistance level of 110 thousand dollars but not overcome this level, depreciated. The main triggers of the decline was the dominance of the 111 thousand 814 dollars recorded in May and the liquidation of the long positions of over $ 323 million.
Technical Resistance level in front of Bitcoin
Bitcoin approached 110 thousand dollars on Tuesday, June 11, but this did not overcome important technical and psychological resistance. Analysts, especially on May 22, the highest level of all times recorded in this region just below 111 thousand 814 dollars, the sales pressure increases. Michaël Van de Poppe names such as the inability to overcome this level shows that sellers show superiority in the market.
Technical indicators also indicate short -term overcreasing conditions. Macd Histogram (+298) and Relative power index Technical metrics such as (RSI) (59) show that the price should be breathed in this region. All these signals were triggers for short -term investors to realize their profits. As a result, the price of Bitcoin withdrawn from 110 thousand dollars to approximately 107 thousand dollars decreased.
Intense liquidation wave in the derivative markets
Bitcoin’s failure to overcome $ 110,000 resistance raised serious pressure on high leveraged positions. Global in the last 24 hours crypto currency A total of over $ 323 million in the market was forcibly closed. 72 percent of these liquidations, the price of the price of the long positions formed. This had an impact that further exacerbate sales pressure.
Already the derivative market data signaled a correction. The total open position volume decreased by 2.3 percent to 688 billion dollars. Despite this decrease in position volume, the continuation of positive funding rates analyst Axel Adler Jr.As pointed out, he prepared a “soft reversal” environment. This is similar to a 8.5 percent decrease after the ETF output of $ 358 million on 29 May.
Macro Economic factors and the mood of the market
Despite the short -term correction, long -term foundations still look strong. In the US, May inflation data (2.4 percent, expected 2.5 percent) and Federal Reserve (FED) interest rate cut expectations are considered positive for the crypto currency market. However, the fact that the market has largely priced these positive developments limited the instant reaction.
The market mood change is also remarkable. CoinMarketcap Fear and greed indexFrom 65 to 61 (greed), declining and reveals that buyers are more cautious than the previous day. Social media analysis confirms a similar cooling. According to the data, the rate of positive comments about Bitcoin has decreased from extreme levels recently to 2 to 1 level.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
