• Bitcoin’s value recently experienced a significant decrease, dropping below the $29.5K threshold after a bullish breakout.
• According to Glassnode, the number of Bitcoin addresses in loss reached an all-time high of 14.043 billion earlier today.
• The market capitalization of BTC has also seen a significant decrease, with a loss exceeding $14 billion in just one day.
Recent Decline in Bitcoin Price
Bitcoin’s value recently experienced a substantial decrease, plunging under the $29.5K threshold despite previously sparking bullish confidence among traders with MicroStrategy’s BTC purchase plans. This downturn implies the presence of bearish pressure and suggests that the recent surge may have been a trap for traders.
High Number of Loss Addresses
According to a report by Glassnode, the quantity of Bitcoin addresses in loss (based on a seven-day Moving Average) reached an approximate peak of 14.043 billion earlier today – setting a new one-month record and indicating that investors who purchased BTC at high prices are currently experiencing losses due to recent price volatility.
Decrease in Market Capitalization
The market capitalization of BTC has also seen a significant decrease, with a loss exceeding $14 billion in just one day – dropping from its peak of $582 billion to its current level of $568 billion.
Increasing Trading Volume
Surprisingly, while BTC price is declining, its trading volume appears to be experiencing an slight upward trend – with data from Coinglass revealing that short positions worth $28 million were liquidated following the recent plunge – representing the largest short liquidation since July 14th .
In conclusion, it appears that bearish pressure is chasing BTC price as investors experience losses due to recent volatility and large short positions are being liquidated across exchanges – causing further downward movement in market capitalization and pricing levels