Bitcoin Price Fall Reach 11-Day Low Amid $500M Liquidations
Bitcoin price drop come reach 11-day low of $115,000 for August 18 as almost $500 million for liquidations comot waka sweep crypto market. After quiet weekend, di sell-off quick quick for the reopening of US futures and early Asian trading hours. Big liquidation dem na mainly long positions dey cause am, over 115,000 traders waka comot one day.
Altcoins fall together with Bitcoin price. Ethereum (ETH) drop 3% reach $4,300, XRP try the $3 support level, plus SOL and DOGE record daily decline of 4–5%. Chainlink (LINK) no follow this pattern, e rise 5% for the day. CoinGlass data show total liquidations pass $450 million, na so market volatility strong.
Geopolitical wahala still add to the bearish feeling. Comments from US President Joe Biden and the stalled talks between Trump and Putin over the Ukraine-Russia war make traders dey cautious well well. Everybody for the market go dey watch upcoming meetings between world leaders make dem fit see if anything fit happen.
Short-term traders fit still face more volatility, but the oversold situation fit still give chance to buy. E dey important to dey check liquidation heat maps and correct support levels to manage risk well.
Bearish
Di big liquidation event na di sharp drop for Bitcoin price to 11-day low mean say market dey bearish. Almost $500 million forced liquidation, wey long position dey mainly cause, show say selling pressure don high. For history, similar liquidation waves like for May 2021 and January 2022 dey cause sharp drops bifo e stabilize. The way major altcoins dey sell together show say people dey fear risk well-well. The wahala between Ukraine and Russia plus strong talk from US leaders don make uncertainty worse. For short term, traders fit still dey see volatility and e fit test low support zone around $110,000. For medium to long term, when condition don oversold, e fit make buyers come hunt for bargain, wey go fit lead to technical bounce back when liquidation pressure chill down. But for better bullish recovery, better macro news and less geopolitical palava must dey.