- In the past 24 hours, 73,866 traders liquidated from the market.
- Bitcoin has a trading volume of $35,557,631,556 USD.
The month of June started as an uptrend for Bitcoin (BTC) as it faced 9-week red candles in a row, but the week ended with the same red zone. Bitcoin has dropped 5.58% in the last few hours and is now trading at $29,500 range following the end of the daily candle.
The king of cryptocurrency Bitcoin started its week with a green signal but the light get dim again today entering its $29.500 level. Since early May BTC’s price tumbled from its all-time high of $68.789 to below $26,000 and lost almost 60% of its value.
Positive Correlation to Equity
Following the dip, bitcoin is still trading in a narrow range of $32,000 to $28,000, with small variation. The lack of volatility has resulted in a small drop in trading volume and bitcoin’s daily volume rarely reaches $35 billion and increased by over 11% in the last 24 hours.
According to Coinglass, holdings on derivative exchanges worth more than $213 million had been liquidated in the last 24 hours.
During the sell-off, the cryptocurrency once again showed a favorable correlation to markets.
![](https://thenewscrypto.com/wp-content/uploads/2022/06/photo1654603078-1024x504.jpeg)
A favorable crossover between the 200 and 50 MA (Moving Average) shows a positive correlation to the Bitcoin enthusiast.
![](https://thenewscrypto.com/wp-content/uploads/2022/06/photo1654063336-1024x504.jpeg)
The trend shows in the Falling Wedge, the support level suggests that Bitcoin’s cold weather has come to an end, and it may reach the target resistance level of $47420, signaling that BTC will enter a “Buy trend.”