Bitcoin gave up its gains from the previous two sessions as escalating geopolitical tensions between the U.S. and Iran sparked a broader risk-off move across cryptocurrency markets.
Notable Statistics:
- Coinglass data shows 128,517 traders were liquidated in the past 24 hours for $369.27 million.
- SoSoValue data shows net inflows of $21.4 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net inflows of $26.9 million.
- In the past 24 hours, top losers include Jupiter, Aerodrome Finance and Pi.
Notable Developments:
Trader Notes:
Analyst Kevin expects Bitcoin to sweep long liquidity between current levels and $44,000 during the third phase of the bear market.
He plans to aggressively accumulate BTC if leveraged long positions are liquidated and also take additional profits on the short position initiated at $79,000.
Trader KillaXBT says sentiment between bulls and bears remains surprisingly balanced.
He believes bears have roughly two months to drive Bitcoin lower in line with the four-year cycle.
This will potentially create what he sees as the final opportunity to buy BTC in the $50,000 range before a longer-term recovery.
Trader Jelle noted Bitcoin has formed a weekly bullish divergence on both the regular RSI and stochastic RSI, with the latter beginning to turn higher.
These are signs that selling pressure is weakening and the setup reinforces the strategy of continuing to dollar-cost average into Bitcoin while accumulating more.
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Source: Original Article
