- Exchanges have witnessed an outflow of $677 million worth of BTC.
- Data shows that 67% of crypto traders’ accounts were in long positions.
In the past 24 hours, the cryptocurrency sentiment has done a dramatic pirouette, thanks to a massive price drop and billions in liquidations. 💸
Bitcoin [BTC] has not been spared, taking a nosedive that would make even Icarus blush. Such excitement in the market is indeed a rarity.
The reason behind Bitcoin’s fall
The culprit behind this chaos? None other than the trade war ignited by U.S. President Donald Trump. 🎩
On the 2nd of February, Trump decided to sprinkle some tariffs on Mexico, Canada, and China, and lo and behold, the market turned crimson.
Bullish sentiment among traders and investors
Nevertheless, traders and investors, ever the optimists, are bullish on BTC, continuing to hoard and bet on longs. AMBCrypto’s peeping into on-chain analytics from Coinglass and Hyblock confirms this.
Coinglass’s data shows that since the price drop began, exchanges have seen a hefty $677 million worth of BTC bid adieu.
This substantial outflow hints that whales, investors, and long-term holders are playing a game of “accumulate and conquer,” potentially stirring buying pressure and an upside rally. 🐋
Meanwhile, Hyblock’s insights reveal that as BTC’s price tumbled over the past 24 hours, global traders have been busy increasing their long exposure.
With 67% of accounts in long positions, the market seems to be wearing rose-tinted glasses for the king coin. 👑
Putting these on-chain metrics together, BTC appears to be flashing an irresistible buying opportunity. 🛒
Bitcoin price action and key levels
BTC has admirably held the crucial support level of $91,500. However, this is the eighth time it’s flirted with this level, which might be chipping away at its sturdiness. ⛏️
History tells us that multiple retests of support or resistance usually lead to either a breakdown or a breakout. Drama awaits! 🎭
Current price action and market sentiment suggest that BTC will keep its bullish swagger as long as it stays above the $92,500 level. 💪
Read Bitcoin’s [BTC] Price Prediction 2025–2026
However, should BTC falter and close a daily candle below $91,000, a 20% decline looms, potentially dragging it down to $74,000.
On the bright side, despite the wild price swings, BTC has stayed above the 200 Exponential Moving Average (EMA), hinting that it’s still in an uptrend. 🌈
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2025-02-04 07:06