Bitcoin (BTC) led the broader digital assets markets in a sharp decline in Wednesday’s early European trading session. The flagship asset printed a series of minor red candles (hourly) coming off Tuesday’s action before suddenly sliding deep toward $29,000 at the height of the sell-off. The BTC/USD pair was spotted attempting to stack up just above $29,180, where bulls have seemingly mustered to defend the crucial height.
BTC/USD 1H candle-stick price chart. Source: TradingView
Bitcoin bullish speculators have failed to convincingly reclaim $30,000 since breaching the mark in the first half of April with the latest show proof of the inability to preserve higher levels. Ether (ETH) and the majority of altcoins followed Bitcoin in the slump, with the former consequently losing its grip on the $2,000 mark. The ETH/USD pair claimed the now-pivotal price earlier this month, driven by the hype around the network’s Shapella upgrade that went live on the mainnet on April 12.
Ethereum (ETH) token price was at writing, grappling with bouncing above $1,980. Algorand’s governance token (ALGO), named in the US SEC’s lawsuit against Bittrex earlier this week, is down 7.15% in the last 24 hours. Meanwhile, Solana (SOL) has stood out as the biggest loser among the top 10 cryptocurrencies by market capital, descending roughly 8.52% on the day.
To learn more about Ethereum, check out our Investing in Ethereum guide.
Arbitrum’s ARB token has retreated by an even bigger margin ~12.60% in the red over the same period, losing gains from its decent price action at the start this week. Curve DAO token (CRV), Conflux (CFX), and Frax Share (FXS) have also retraced double-digits in the same period, making up the top four biggest losers on the day. Notably, the unlooked-for marketwide dip wiped away millions of dollars worth of trader positions.
Total liquidations chart ahead of US morning hours. Source: Coinglass
Coinglass data shows that over $248 million in traders’ positions has been liquidated in the last 24 hours. Overall, more than 97.23% of the liquidated volume in the last 12 hours is accounted by bets on upwards tracking prices. Ethereum (ETH) tops the symbol liquidations chart, contributing $43.81 million in the past 12 hours, followed by Bitcoin (BTC) at $35 million.
To learn more about Bitcoin, check out our Investing in Bitcoin guide.
The post Bitcoin Price Abruptly Falls Towards $29K in Early Midweek Action appeared first on Securities.io.
