As 8 Billion Dollars worth of long positions has been liquidated.
The dump was halted around the high 51K area as the price has found a temporary bottom there and a slow recovery started to take place. Unfortunately, for the Bulls, the recovery was short-lived as the 57500$ level has turned into Resistance once again and rejection has occurred.
This could be a perfect opportunity for the Bulls to establish a Higher Low on the chart and start building back the bullish sentiment.
However, if this opportunity is missed then the price could drop back down towards the previous low and if that is taken out then the possibility of BTC revisiting the Support Level at 51K would increase significantly.
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