{"id":336640,"date":"2023-08-19T00:00:59","date_gmt":"2023-08-18T18:30:59","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=336640"},"modified":"2023-08-18T15:53:49","modified_gmt":"2023-08-18T10:23:49","slug":"decoding-bitcoins-state-after-a-13-price-plunge","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/decoding-bitcoins-state-after-a-13-price-plunge\/","title":{"rendered":"Decoding Bitcoin\u2019s state after a 13% price plunge"},"content":{"rendered":"<p><i data-stringify-type=\"italic\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n<ul>\n<li><em>Bitcoin&#8217;s 13% price fall over the past day led to a dip in the overall crypto market cap.<\/em><\/li>\n<li><em>Longs wrecked massively, with $373.37 million worth of positions liquidated.<\/em><\/li>\n<\/ul>\n<p>The events of the past 24 hours shook the crypto market, with Bitcoin [BTC] experiencing a 13% dip over the past day. This saw the king coin briefly touch the $25k price zone before recovering to trade at $26.5k, as of press time.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<p>According to <a href=\"https:\/\/coinmarketcap.com\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>, the global crypto market lost over 6% of its market capitalization within the period. BTC\u2019s market dominance also dropped to 48.45%, representing a decrease of 0.56% over the day.<\/p>\n<p>With lots of speculation in the markets about BTC\u2019s sudden price drop, investors and traders alike maintained a cautious approach as events unraveled.<\/p>\n<h4><strong>Has the market dump been coming?<\/strong><\/h4>\n<figure id=\"attachment_336642\" aria-describedby=\"caption-attachment-336642\" style=\"width: 2000px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSDT_2023-08-18_09-54-03.png\"><img decoding=\"async\" class=\"size-full wp-image-336642\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSDT_2023-08-18_09-54-03.png\" alt=\"Bitcoin BTC price chart on dark background with green and red price bars\" width=\"2000\" height=\"1054\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSDT_2023-08-18_09-54-03.png 2000w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSDT_2023-08-18_09-54-03-300x158.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSDT_2023-08-18_09-54-03-1024x540.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSDT_2023-08-18_09-54-03-768x405.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTCUSDT_2023-08-18_09-54-03-1536x809.png 1536w\" sizes=\"(max-width: 2000px) 100vw, 2000px\" \/><\/a><figcaption id=\"caption-attachment-336642\" class=\"wp-caption-text\">Source: BTC\/USDT on Trading View (4H)<\/figcaption><\/figure>\n<p>BTC\u2019s price chart over the four timeframe showed a significant consolidation around the $29.4k price zone. This was after the price rejection at the bearish order block (OB) between $29.8K and $30.3K.<\/p>\n<p>With Bitcoin\u2019s market structure flipping bearish on the daily timeframe in late July, short-term sellers have been priming for a sustained downtrend.<\/p>\n<p>Amid the rising volatility, the Relative Strength Index (RSI) dropped deep into the oversold zone, hitting 5.31 on the four-hour timeframe. Likewise, there were notable capital outflows which saw the Chaikin Money Flow (CMF) drop to -0.27, although it eased a bit to -0.18, as of the time of writing.<\/p>\n<p>The cautious approach by traders could limit a price recovery for BTC, with sellers still dominating the market. With a Fair Value Gap (FVG) between $25.1k to $26.5k, sellers could push for a retest of the $25.3k price zone before bulls can initiate a sustained rebound.<\/p>\n<h4><strong>Longs wrecked massively in the futures market<\/strong><\/h4>\n<figure id=\"attachment_336645\" aria-describedby=\"caption-attachment-336645\" style=\"width: 908px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTC_Liquidations.png\"><img decoding=\"async\" class=\"size-full wp-image-336645\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTC_Liquidations.png\" alt=\"\" width=\"908\" height=\"646\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTC_Liquidations.png 908w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTC_Liquidations-300x213.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/BTC_Liquidations-768x546.png 768w\" sizes=\"(max-width: 908px) 100vw, 908px\" \/><\/a><figcaption id=\"caption-attachment-336645\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p>The sharp price drop saw millions of long positions wiped out across several exchanges. Data from <a href=\"https:\/\/www.coinglass.com\/LiquidationData\" target=\"_blank\" rel=\"noopener\">Coinglass<\/a> showed that $373.37 million worth of long positions were liquidated in the last 24 hours. This amounted to 74.8% of the total liquidations of $499 million within the period.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 BTCs worth today?<\/p>\n<hr \/>\n<p>Similarly, there was a spike in exchange inflows within the same period, per <a href=\"https:\/\/app.santiment.net\/s\/eBOZlOxa\" target=\"_blank\" rel=\"noopener\">Santiment<\/a>. This highlighted the huge sell pressure which contributed to the price capitulation.<\/p>\n<p>While the press time price levels could be considered a decent buying opportunity, the bearish price action was something to keep an eye out for, with a lot of active sellers still in the market.<\/p>\n<figure id=\"attachment_336646\" aria-describedby=\"caption-attachment-336646\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-10.37.01-18-Aug-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-336646\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-10.37.01-18-Aug-2023.png\" alt=\"Bitcoin BTC on-chain metrics\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-10.37.01-18-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-10.37.01-18-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-10.37.01-18-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-10.37.01-18-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-10.37.01-18-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Bitcoin-BTC-10.37.01-18-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-336646\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Spike in exchange inflows contributed to Bitcoin&#8217;s sharp 13% price plunge over the past 24 hours. <\/p>\n","protected":false},"author":70,"featured_media":336647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[41,35,360,18,66,3,23,4,20],"tags":[],"class_list":["post-336640","post","type-post","status-publish","format-standard","has-post-thumbnail","category-analysis","category-bitcoin-news","category-btc-trading-view","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - 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