Bitcoin (BTC) price has dropped to near two-week lows amid increasing liquidation pressure alongside a decline in the US stock market. Investors are closely watching the liquidation of long positions.
Price Trends of Bitcoin
Bitcoin and altcoins have seen price declines coinciding with the drop in the US stock market. As of the time of writing, the Nasdaq Composite Index was down 1.2%. BTC has fallen below $114,000, resulting from over $100 million liquidated in long positions within an hour.
Liquidity Support Levels
During this downturn, bids are stacking up around the $112,000 mark. Market participants are eyeing the $107,000 - $110,000 range as a potential support level. Analysts indicate the importance of the 100-day simple moving average at $110,950.
Impact of ETFs on Bitcoin Market
Analytics firm Glassnode highlighted a growing divergence between institutional demand and Bitcoin price. Despite signs of weakening onchain metrics like volume, inflows into spot Bitcoin ETFs continue. However, the ETFs registered a net outflow of $121 million on Monday.
Current market trends for Bitcoin reflect struggles with increasing price pressure and shifting liquidity. Analysts note that the future trajectory will depend on the behavior of institutional investors and ETF movements.
