On-chain data shows increasing selling pressure, which could lead to more significant losses.
Nearly $300 million worth of long and short positions have been liquidated over the past 24 hours.
Bitcoin and Ethereum are bound for significant losses after losing vital support areas. Bitcoin would have to reclaim this critical area as support very quickly in order to have a good chance of rebounding.
The most significant support level for ETH sits around $730, where more than 13.31 million addresses bought over 13.25 million ETH over the last 24 hours, according to the Global In/Out of the Money model.
Bitcoin’s support appears weak, with no important demand wall underneath Bitcoin that could prevent it from incurring further losses, says IntoTheBlock’s In/out of the money Around Price model. The model does not show a lack of demand walls. Bitcoin would be unlikely to recover and enter a new uptrend until it forms a market bottom around $700 or climbs above $730 or $2,550.