Bitcoin dips, triggering $83 million in liquidations, but recovers above $39,000.
The price of bitcoin on Binance reached a new all-time low of $38,555. In the midst of the crypto market’s updown, there was an increase in selling pressure on Bitcoin, which resulted in cheaper prices. On Wednesday, Bitcoin reached a new high that allowed it to surpass the psychologically significant barrier of $40,000.
The drop in the asset’s price resulted in the liquidation of long holdings totaling $55.52 million and short positions totaling $27.42 million.
Bearish pattern plays out, UNI tanks, $2.2 million liquidated
In the most recent few days, the price of Uniswap (UNI) has experienced a considerable decrease. In spite of the fact that the altcoin had a successful run near the beginning of the month, corrections occurred, and the value of the altcoin gradually decreased. Due to the formation of a bearish reversal pattern in the price action, the current price reductions are expected to continue for an extended period of time from a technical point of view.
The global appetite for risk halts the cryptocurrency sell-off.
A positive reversal occurred in the price of bitcoin on Tuesday afternoon. Against the backdrop of another update of all-time highs by prominent US indices, which encouraged risk appetite, buyers were drawn to the price reduction to $38.5K, which enticed buyers into the market.
The price of Bitcoin is currently testing the $40K mark during the early trading session on Wednesday. Attempting to break the downward trend by going above the highs of the previous day is the goal of this strategy. As of right now, it would appear that the sellers in Bitcoin have not yet reached their full capacity, and we ought to be prepared for a new momentum to slide to $37.5K.