tl;dr
Bitcoin's price experienced a sudden drop from nearly $83,000 to below $79,000, leading to a surge in liquidation levels, wiping out leveraged positions worth almost $600 million, according to CoinGlass data. Analyst Jonatan Randing noted that Bitcoin seems to be approaching the Weekly 50 EMA, histo...
Bitcoin's price experienced a sudden drop from nearly $83,000 to below $79,000, leading to a surge in liquidation levels, wiping out leveraged positions worth almost $600 million, according to CoinGlass data. Analyst Jonatan Randing noted that Bitcoin seems to be approaching the Weekly 50 EMA, historically a strong support level in bull markets, raising the question of whether the market is indeed bullish.
Additionally, tension is mounting in the markets due to anticipated reciprocal tariffs from the European Union following Trump's decision to impose 20% levies on EU imports. Traders are preparing for a potentially turbulent market opening on Monday after a challenging week for major indices.
Bitcoin’s price dropped suddenly in the past few hours, tanking from slightly less than $83,000 to below $79,000. In doing so, the market saw a spike in liquidation levels, as leveraged positions worth almost $600 million were wiped off, according to data from CoinGlass. Source: TradingView The move comes following a few ‘calm’ days during which BTC was outperforming major indices, prompting many to outline its properties as a digital store of value. Commenting on the matter was Jonatan Randing, a popular analyst, who outlined that BTC appears to be on its way of hitting the Weekly 50 EMA, which has historically acted as a good level of support during bull markets, promptly asking the question if we are in a bull market at all.
Meanwhile, the markets are under serious tension in anticipation of reciprocal tariffs on behalf of the European Union, following Trump’s decision to impose a 20% levies on EU imports. It appears traders are bracing for a ‘bloody’ market open on Monday following what was the worst trading week for major indices such as the S&P 500, NASDAQ 100, and the DJI since the COVID crash in 2020.