Bitcoin (BTC) started the new week under pressure. With support levels weakening and macroeconomic uncertainties intensifying, the cryptocurrency price fell to $76,500. According to TradingView data, this is the lowest level observed since the beginning of May. This is reported by Cointelegraph.com reports .
The BTC/USD pair fell below the 21-week exponential moving average (EMA) of $78,660. This indicates that the price has exited the bull market support zone. Analysts believe that a rapid recovery is required for the market to stabilize.
The sharp price drop proved costly for crypto traders. In the last 24 hours, liquidations of long positions exceeded $670 million. CoinGlass data shows that liquidity continues to accumulate around the spot price, suggesting that the market will remain volatile in both directions in the coming days.
Analysts at Cryptic Trades note that Bitcoin has reached its previous 'gap' zone around $75,000 – $76,000. Due to the large volume of liquidated positions, a partial price recovery is possible in the near term.
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