Bitcoin faces pressure amid $3.2bn liquidation wave<\/p>\n
Bitcoin<\/a> continued its decline last week, driven by US dollar strength, diminished risk appetite, and significant liquidations of long positions.<\/p>\n Bitcoin spot exchange-traded funds<\/a> recorded $897 million in net outflows between 22 and 26 September according to Coinglass. The cryptocurrency data analysis platform revealed liquidations of long positions exceeding $3.2 billion during the same period, indicating substantial market deleveraging. Options<\/a> worth $22 billion expiring on 26 September contributed additional price volatility.<\/p>\n The options market lacks clear directional consensus, with open interest on the most popular call option expiring 3 October targeting the $122,000 level, whilst bearish positioning anticipates the cryptocurrency declining below either $105,000 or $100,000 on Deribit.<\/p>\n Following the breach below the 100-day MA, Bitcoin’s technical momentum further deteriorated, with the moving average convergence divergence<\/a> (MACD) indicator crossing into negative territory. This movement confirms our previous analysis identifying Bitcoin’s entry into Wave C under Elliott Wave theory, with $107,232 serving as critical support<\/a>. A rebound above this support level could potentially return Bitcoin to the recent high of $117,877. Conversely, failure to maintain support opens the possibility of testing the 200-day MA at around $104,300.<\/p>\n Figure 3: Bitcoin (daily) price chart<\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoin faces pressure amid $3.2bn liquidation wave Bitcoin continued its decline last week, driven by US dollar strength,…\n","protected":false},"author":2,"featured_media":167922,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[75869,84,75866,75871,75868,4168,1371,32026,75867,75870,56,54,55,1709,5746,75865],"class_list":["post-167921","post","type-post","status-publish","format-standard","has-post-thumbnail","category-jobs","tag-bitcoin-liquidation","tag-business","tag-china-pmi","tag-economic-calendar","tag-employment-data","tag-federal-reserve","tag-jobs","tag-market-analysis","tag-non-farm-payroll","tag-rba-decision","tag-uk","tag-united-kingdom","tag-unitedkingdom","tag-us-tariffs","tag-usd-jpy","tag-weekly-market-outlook"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/167921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=167921"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/167921\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/167922"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=167921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=167921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=167921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}