Why has the price of Bitcoin fallen today?
Ai Focus
Bitcoin fell by about $1,500 in 60 minutes on Thursday, dropping below $83,000, and during the same period, more than $70 million in leveraged long positions were liquidated. The gains from the previous day had cleared out a liquidity backlog around $84,400, and market sentiment then turned significantly bullish. Although spot buying remains strong, the article suggests that a immediate collapse is unlikely in the short term. However, prices may first retest the lower fair value gap and support area before launching a final push towards around $85,500, which could become a distribution zone, after which they might fall again.
Bitcoin fell by about $1,500 in 60 minutes on Thursday, dropping below $83,000, and wiped out more than $70 million in leveraged long positions during the same period.
This decline occurred after a round of gains on Wednesday, during which prices cleared a cluster of liquidity accumulated around $84,400. The article states that near these high levels, market sentiment quickly turned bullish, and this trend often precedes a pullback this month.
However, strong spot buying interest indicates that the likelihood of a immediate short-term price collapse is low. The charts show that prices may first test the fair value gap and support area below, before making a final push towards around $85,500.
The article suggests that the area around $85,500 is likely to be a distribution zone, after which prices may fall again. The unmet fair value gap further below could still become a target around the end of October.
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