Bears galore: Post-dump BTC analysis
Following a record-setting number of liquidations yesterday, the price of Bitcoin dropped by -12.9% in a span of 12 hours, tumbling all the way down to $53.5k before bouncing back.
The dump was quick and vicious, with around $10b worth of long positions liquidated on high-volume exchanges Sunday.
Needless to say, the drop left a clear imprint on the network activity and other indicators of not just BTC but virtually all top-caps, with clear signs of panic sell-offs, weak hand exodus and a quick pivot back to bearish sentiment.
And while the dump was brutal for many, several of Bitcoin’s indicators at least seem to appear healthier today than they were 48 hours ago. Let’s dig in.
The (over)reaction to the dump was seen almost immediately across Bitcoin’s charts and elsewhere. The amount of BTC-related mentions on crypto social media
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