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Guavy AI Editorial Team••Sentiment: -4•Clout: 78

Bitcoin Hits $59.1k Low Again as Derivatives Traders Suffer Heavy Losses

BTCcoinbase

In the past 24 hours, Bitcoin has seen significant derivatives trading liquidations, totaling $415.83 million, with $319.18 million of those positions being long.

This has led to a test of the $59.1k low once again, threatening another bearish breakdown.

The Coinbase Premium Index for Bitcoin has been negative since May 6th, indicating reduced enthusiasm among U.S.-based investors compared to the global market.

According to CryptoQuant's data, this could lead to a price drop towards the $57k area in the coming days.

A bearish swing structure is in place on the 4-hour chart, with a rejection at the 50% Fibonacci retracement level of $66.8k.

This suggests that a price drop to $55.5k and possibly even $49.6k could commence in the coming weeks.