Data from TradingView shows BTC are knocking out the active support levels of the past few weeks as the weekend enters the weekend.
After several tests of $43,000, that area finally paved the way for the pair to return to $42,131, its lowest level since March 23.
The bulls waiting for the rescue move were severely disappointed when the total value liquidated cryptocurrency crosses recorded $200 million in the 24 hours to Saturday, according to data from on-chain monitoring resource Coinglass.
Cryptocurrency Liquidation Chart | Source: Coinglass
“As long as it hasn't regained $44,000 or even $45,000 - $46,000, I'm very worried we have to be ready for more downside move, at least a $40,000 retest and maybe even lower. As I said a week ago, no more confidence in upward moves,” he alert Twitter followers.
The accompanying chart shows a multi-step downtrend forecast with support levels at $40,000 and $37,500.
Meanwhile, co-founders Yann Allemann and Jan Happel of on-chain analytics firm Glassnode draw attention to the potential for volatility due to lower weekend market volume.
In contrast to last week, the weekly candle of Bitcoin is set to close on Sunday with a loss of nearly 5000 USD or 10%.
Nothing can stop Bitfinex whales
However, not everyone finds a way out.
According to the latest data, whales Bitcoin busy buying new supplies from sellers. The proof is that the Bitfinex exchange sees remarkable bid volume filling up.
“More bids are being filled…”, Credible Crypto tweets.
Source: Credible Crypto
Bitfinex whales and their trading habits have had a significant impact this year.
Another high volume wallet of unknown origin also continues to buy millions of USD of BTC at regular intervals regardless of price action – a strategy known as USD cost averaging.