Bitcoin failed to reverse from the strong support, dropping to $38,000 as market loses $200 million in liquidations
As the daily chart of the first cryptocurrency suggests, the ascending channel played out correctly at least five times for the price of Bitcoin, allowing traders to properly highlight local resistance and support points and make trades based on it.
The drop below the channel may in fact become a catalyst for further downward movement for the digital gold as the lower border of the formation had a concentration of large orders suggesting some traders were actively betting on the reversal on the point.may appear because of the concentration of"sell" orders below the aforementioned support line. A further drop will be fueled by the market to limit the sell orders of those who opened their positions right at the support line.
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