However, in just 24 hours, the cryptocurrency erased these significant gains, pushing its price back below the right shoulder of the technical pattern and reigniting bearish sentiment. Related Reading: Dogecoin Liquidations Cross $24 Million As Bulls Suffer Double-Digit Beat Down With its massive crash below $100,000, Bitcoin has now plummeted significantly below the key demand zone between $95,000 and $98,000, an area where approximately 1.77 million wallet addresses had purchased more than 1.53 million BTC, worth over 141.3 billion at the present market rate. While many investors typically buy and hold BTC for profit, the recent Bitcoin price crash has raised concerns that owners of the 1.77 million wallet addresses may be forced to sell off their holdings to cut down potential losses.
Notably, the analyst labels a drop below $92,000 a "free fall territory,” meaning Bitcoin could continue to crash as panic selling intensifies and liquidity dries up. Adding to the ongoing uncertainty, Bitcoin’s reversal below the right shoulder of the Head and Shoulders pattern, combined with current bearish market conditions, has reignited fears, leaving many investors bracing for a deeper price crash. Rebound On The Horizon Or More Pain Ahead?
The analyst disclosed that Bitcoin’s TD sequential indicator recently flashed a buy signal on the 4-hour chart, suggesting that a potential price recovery and rebound may be underway. Related Reading: 70 Million DOGE Make Their Way To Binance Amid 10% Dogecoin Price Crash Interestingly, Binance traders remain bullish on Bitcoin, with this optimistic sentiment pointing to a short-term recovery toward $98,600, a price level with a $35 million liquidation zone that market makers covet.
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