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After the tension between Iran and Israel that started over the weekend, there was a sharp decline in Bitcoin and altcoins. The downward trend that started over the weekend continued and BTC pinned below $60,000 today. This decline also spread to altcoins.
While the bloodbath in Bitcoin and altcoins continues, according to Coinglass data, 65,158 investors became liquid in the last 24 hours, while $201 million in leveraged positions were liquidated.
While this bearish trend continues to make investors nervous, LMAX Group strategist Joel Kruger said that large Bitcoin investors have not yet started buying the dip, meaning the correction could continue for a while.
Speaking to Coindesk, Joel Kruger stated that the critical level to watch in BTC is $ 59,000.
“The latest blockchain data shows that large Bitcoin holders have not bought into the recent dip, suggesting we may still see some more weakness or consolidation in Bitcoin before it is ready to move higher again.
At this point, investors need to watch $59,000 in Bitcoin. If BTC can hold above this level, it remains in direct focus towards the next record high and $100,000.
“If there is a break below $59,000 and we see further downside pressure, this break will delay the short-term bullish outlook and open the door for a more meaningful correction to the $45,0000-$50,000 area.”
Bitcoin continues to trade at $59,768 at the time of writing.
*This is not investment advice.
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