Bitcoin (BTC) Dips Below US$57K Overnight as US$95M in Long Positions Liquidated

Bitcoin has dropped below US$57K (AU$84.75K) overnight as US$95 million (AU$141 million) in long positions have been liquidated.

Bitcoin dropped below US$57K (AU$84.75K) overnight as US$95 million (AU$141 million) in long positions have been liquidated.

Data from Coinglass shows that in the past 24 hours over 158K traders have been liquidated.

So, is this dip over and will we see new highs soon or, is there more pain to come? While no one knows the answer to that for sure, we can look at what some of the leading analysts and voices in the space think.

Chief HODLer Carl ₿ Menger is reminded of the “good old days” by the Bitcoin dip, which is now down almost 20% in a month. He called this a “proper dip” saying many couldn’t stomach the downturn and sold while others bought the dip.

Market Pullback Nearly Matches Average Depth, Exceeds Typical Duration

Analyst Rekt Capital points to a delayed Bitcoin breakout because the June downtrend failed to establish itself as new support upon retesting. However, he says this trendline remains key for observing any potential shifts in the trend moving forward.

According to his analysis, the pullback is close to average in terms of depth and above average in terms of duration.

#BTC This pullback is -21% deep & 45 days long

In this cycle, average retrace depth is -22% & average retrace duration 42 days

In terms of retrace depth, this is almost an average retrace

In terms of retrace duration, this is an above-average pullback$BTC #Crypto #Bitcoin pic.twitter.com/F65NNV1L8h

Still, that doesn’t mean we are ready for a rebound just yet – according to engineer, founder, and analyst Willy Woo, who has 1.1 million followers on X and is no stranger to the scene.

Woo says “miners are still bleeding out, writhing in pain”, meaning that until the situation for miners improves, indicating greater overall market health and profitability, a market reversal might not be imminent.

Every day I look at 7 squiggly lines to see if its time.

Nope, not yet.

Miners are still bleeding out, writhing in pain.

Let’s have a silent moment for them. pic.twitter.com/modqCocaoD

200-Day EMA Test Could Signal Entry Point Amid Expected Volatility

According to Altcoin Sherpa, the market is approaching a critical point as it tests the 200-day EMA for the first time in months, coinciding with the range low.

This scenario suggests a potential bounce to around US$56k (AU$83K), with expectations of significant volatility. This juncture could serve as a potential entry point for investors, though Sherpa says it remains uncertain if this marks the absolute bottom of the market trend.

$BTC: The moment of truth time is around here. 200d EMA being tested for the first time in months + range low.

It’s likely that we see some sort of bounce around here down to 56k. Expecting a lot of volatility and this should be an entry area.

but tbd if this is ‘the bottom’ pic.twitter.com/PV7zFwZ5od

Sherpa added that the upcoming days are crucial for market trends.

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