Bitcoin Price Warned to Watch Out for Key Thresholds as Market Sees Negative Signals
Chinese billionaire Jiang Zhuo'er, founder of Lebit Mining Pool (also known as B.TOP), has warned that Bitcoin's recent pullback may be a sign of a short-term decline in the market. According to Zhuo'er, both major cryptocurrencies have fallen below their rising price channels, sending a negative signal from a technical perspective.
The closure of ETF markets in the US over the weekend temporarily eliminated potential institutional buying pressure from spot Bitcoin and Ethereum ETFs, further contributing to the unfavorable conditions for investors taking long positions. Zhuo'er warned that this could lead to a new downward trend in the market.
Coinglass data suggests that if Bitcoin falls below $76,000, the total liquidation volume of long positions on major centralized exchanges could reach approximately $797 million. Conversely, if Bitcoin regains strength and rises above $80,000, there could be liquidation pressure of approximately $708 million on short positions in centralized exchanges.