"It goes up and down, where is the price of BTC going?"
Shortly after touching $70,000, the price of cryptocurrency king Bitcoin (BTC) fell back to $69,348 after the digital asset experienced a flow of liquidations of about $14.59 million in a short time.
Liquidations in the crypto market are not a new thing as traders will continue to protect the value of their bets through leveraged trading which has recently attracted a lot of attention.
It should be noted that BTC this week could be under pressure as the United States (US) Federal Reserve (Fed) is found to have a two-day policy meeting that may see the announcement of interest rate cuts.
Other central banks in the G7 including the Bank of Canada and the European Central Bank (ECB) which announced interest rate cuts last week were also important growth drivers for risk assets especially BTC.
Please note that many countries including the US, United Kingdom (UK), Australia, Hong Kong and Thailand have supported the growth of BTC after spot BTC ETF was approved, so here it can be seen that the price bounce will happen if the crypto market index as well as spot BTC ETF accumulation continues to increase.
In addition, the actual price of short-term holders of BTC that has been increasing has proven that the upward trend of the digital asset will continue plus the average price of the acquisition of coins transferred in the last 155 days and held outside the exchange reserve is 1.5%.
As long as BTC maintains its position above $64,000 for the next few months, the long-term outlook for the price of the digital asset is expected to remain bullish following that level which acts as a significant support zone.
As of this writing, BTC price has plunged by 0.21% to $69,411 in the last 24 hours with a market cap of $1.3 trillion and is up 0.59% over the past week.
