Bitcoin Prices Bear The Brunt Of Long Liquidations And Geopolitical Tensions

Bitcoin prices declined for the sixth day in a row Tuesday, falling about 12% from the same time last week. BTC/USD fell to a low of $37,358.00 to begin the trading week after reaching a high of $39,394.44 on Sunday. BTC fell to its lowest level since February 4 as it approached its long-term support of $37,200. The crypto’s price strength is now fully oversold, with the 14-day RSI tracking at 39, its lowest level in more than three weeks. The most recent BTC drop on February 21 brought the world’s leading cryptoasset close to $37,000, but a surprise bounce in the late hours Monday saw BTC trade at $38,607. Related Article | TA: Bitcoin Resumes Slide, Why BTC Bears Aim $35K According to market statistics, Bitcoin is presently seeing a “tepid” demand, with the asset’s price fluctuating around $38,000, down 44.97% from its all-time high. There were about 275K daily active entities on the Bitcoin network as Tuesday. This activity level was significantly lower than its bull market highs, indicating decreasing demand from new customers. Sustained Liquidations Deal Heavy Blow On Bitcoin Prices However, Bitcoin’s long liquidations continued, with more than $30 million drained in just one hour, the second-highest hourly amount in four days and the third-highest hourly amount in nearly a month. The Bitcoin price drop appeared to shake up the market and market players; nevertheless, the coin seemed to make some attempts at recovery...