Against the background of digital gold falling below $57,000, the cryptocurrency fear and greed index dropped to 44 points, confirming the bearish market sentiment.
#crypto market sentiment has turned into fear! pic.twitter.com/HdRK0j52E8
— Ali (@ali_charts) July 4, 2024At the time of writing, the first cryptocurrency is trading at $57,800, having dropped by 5.5% in a week.
The 15-minute BTC/USDT chart of the Binance exchange. Data: TradingView.Ali technical analyst noted the "tough" movement of the first cryptocurrency. However, in his opinion, the volume of liquidations was not so strong.
#Bitcoin price action has been brutal, but only $280.9 million in longs have been liquidated and $25.4 in shorts. In the past, we have seen mass liquidation events of over $1 billion!
This tells us either the $BTC dip is not over yet or shorts are about to get obliterated. pic.twitter.com/PXoaKuWqfE
"Only $280.9 million in long positions and $25.4 million in short positions have been liquidated. In the past, we have seen massive liquidations of more than $1 billion. This tells us that either the fall has not ended yet, or the shortists will soon be destroyed," the expert wrote.
In his opinion, the first cryptocurrency is declining as investors continue to buy it back on drawdowns. He also drew attention to the liquidation pool of $36 million at the level of $57,700.
The #Bitcoin dip keeps dipping because too many people keep buying the dip! Now, a $36 million liquidation pool is up for grabs at $57,700. pic.twitter.com/PsozPARFXQ
— Ali (@ali_charts) July 4, 2024At the same time, as the correction worsens, investors begin to "feel anxious," Ali added. The unrealized profit/loss chart demonstrates that at a price below $60,000, investor sentiment shifts from "faith" to "anxiety."
#Bitcoin investors are starting to feel the anxiety as the dip deepens! pic.twitter.com/upCrNkpgz0
— Ali (@ali_charts) July 4, 2024Tech analyst and head of Factor LLC Peter Brandt noted that on the daily chart, bitcoin failed the support level and formed a "bear flag" pattern, which signals a potential continuation of the downtrend.
Here in the U.S. on the July 4 weekend our attention always turns to flags $BTC pic.twitter.com/rZifxnz0ch
— Peter Brandt (@PeterLBrandt) July 3, 2024Negative factors
On July 4, several wallets of the Mt.Gox exchange were involved in three transactions before the expected payments to creditors in the amount of $9 billion.
According to Arkham Intelligence, two addresses associated with the trading platform participated in the operations. Of these, the largest transfer was in the amount of $24 in the first cryptocurrency.
Mt Gox activating their wallets finally for repayments. Stay safe $BTC pic.twitter.com/SjST18kgoP
— Block_Diversity v.8 ™️ (@i_bot404) July 4, 2024The trustee of the exchange, which went bankrupt in 2014, previously announced plans to begin phasing out refunds to users of 137,000 BTC at the beginning of the month.
https://forklog.com/news/v-jpmorgan-otsenili-posledstviya-rasprodazhi-mt-goxOn the same day, 237 BTC worth $13.67 million were transferred from an address linked to the US government.
The wallet contained assets confiscated from the founders of HashFlare and Polybius Bank, Sergei Potapenko and Ivan Turygin.
The transfer followed a series of transactions from the wallet of the German Federal Criminal Police Office (BKA). Law enforcement officers sent 1300 BTC (~$75.5 million) to several centralized exchanges.
Recall that initially 50,000 BTC were stored on the BKA wallet, confiscated by law enforcement officers in January from the administrators of the pirate movie site Movie2k.
On June 19, the authorities began to move assets, some of which had already entered the stock exchanges. In addition to Coinbase, Kraken and Bitstamp, Arkham experts noted the Flow Traders market maker as the recipients of transactions.