Bitcoin Price Slides 3.21% Amid Measured Correction

The price of Bitcoin has fallen by 3.21% in the past 24 hours, after being rejected at the $64.6k local resistance zone for the second time in a week.

This downturn has led to $373.58 million in liquidations across the market, with Bitcoin seeing $107.32 million in long and short liquidations.

Crypto analyst Axel Adler Jr. observed that the Open Interest was falling as prices declined, but market participants were not aggressively building short positions yet.

The Bitcoin Perpetual Market Pressure Index has fallen 11 points to 46 in just over 24 hours, with its 30-day moving average at 58. This suggests a weakening buying pressure and the need for the index to reclaim its 30-day average to signal that buyers are back in control.