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Bitcoin flashes bearish signs! Watch out for THIS crucial level

August 7, 2024
in Bitcoin
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Bitcoin flashes bearish signs! Watch out for THIS crucial level
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  • Bitcoin could remain bullish until it trades above $45k.
  • If BTC falls to the $54,700 level, nearly $2 billion worth of long positions will be liquidated.

After a massive price crash on the 5th of August, the market is now recovering. Top assets such as Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] have experienced significant price jumps in the last two days.

Amid this ongoing price recovery, Julio Moreno, CryptoQuant’s Head of Research, shared that Bitcoin was flashing a bear signal. 

Bitcoin flashing bearish signal?

In a post on X (previously Twitter), Julio shared that the bull-bear market cycle indicator has entered a bearish zone. This is for the first time since January 2023 that this indicator has flashed a bearish signal. 

According to historical data, this same indicator flashed bearish signs during the market crash in March 2020 and May 2021.

While retweeting Julio’s post, Ki Young Ju, the founder and CEO of CryptoQuant, shared on X that Bitcoin could remain bullish until it trades above $45k. In a post, he noted, 

“Some indicators are showing bearish signals. However, they could still recover with a rebound, so we need to watch if it stays at this level for a week or two. If it lingers longer, the risk of a bear market grows, and recovery may be difficult if it lasts over a month.”

At press time, BTC was trading above the $57,200 level, and experienced a price surge of over 4% in the last 24 hours. Despite this impressive price surge, trading volume has dropped by 38% during the same period.

See also  Bitcoin ETFs: $880M inflows despite muted Google searches

This massive fall in trading volume indicates a fear among traders and investors. 

Bitcoin technical analysis

According to expert technical analysis, BTC looks bullish and could soar to nearly $60,000 in the coming days.

$60,000 will be the crucial level for BTC as it faces resistance from the trendline and the 200 Exponential Moving Average (EMA).

Bitcoin technical analysis

Source: TradingView

However, if BTC manages to give a breakout of this resistance level, there is a high chance we may see a massive upside rally to $70,000 in the coming days. 


Is your portfolio green? Check out the BTC Profit Calculator


As of now, the major liquidation level is near $54,700 on the lower side and if the sentiment changes, and it falls to that level, nearly $2 billion worth of long positions will be liquidated.

Bitcoin liquidation level

Source: Coinglass

Whereas, on the upper side, the major liquidation level is near $58,000. If sentiment remains unchanged and BTC soars to that level, nearly $500 million of short positions will be liquidated.

Next: 404,448 Bitcoin moved to permanent addresses: Bull run incoming?

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  • Bitcoin could remain bullish until it trades above $45k.
  • If BTC falls to the $54,700 level, nearly $2 billion worth of long positions will be liquidated.

After a massive price crash on the 5th of August, the market is now recovering. Top assets such as Bitcoin [BTC], Ethereum [ETH], and Solana [SOL] have experienced significant price jumps in the last two days.

See also  Why Is Ethereum (ETH) Losing Ground To Bitcoin? Key Report Explains ETH Struggles

Amid this ongoing price recovery, Julio Moreno, CryptoQuant’s Head of Research, shared that Bitcoin was flashing a bear signal. 

Bitcoin flashing bearish signal?

In a post on X (previously Twitter), Julio shared that the bull-bear market cycle indicator has entered a bearish zone. This is for the first time since January 2023 that this indicator has flashed a bearish signal. 

According to historical data, this same indicator flashed bearish signs during the market crash in March 2020 and May 2021.

While retweeting Julio’s post, Ki Young Ju, the founder and CEO of CryptoQuant, shared on X that Bitcoin could remain bullish until it trades above $45k. In a post, he noted, 

“Some indicators are showing bearish signals. However, they could still recover with a rebound, so we need to watch if it stays at this level for a week or two. If it lingers longer, the risk of a bear market grows, and recovery may be difficult if it lasts over a month.”

At press time, BTC was trading above the $57,200 level, and experienced a price surge of over 4% in the last 24 hours. Despite this impressive price surge, trading volume has dropped by 38% during the same period.

This massive fall in trading volume indicates a fear among traders and investors. 

Bitcoin technical analysis

According to expert technical analysis, BTC looks bullish and could soar to nearly $60,000 in the coming days.

$60,000 will be the crucial level for BTC as it faces resistance from the trendline and the 200 Exponential Moving Average (EMA).

Bitcoin technical analysis

Source: TradingView

However, if BTC manages to give a breakout of this resistance level, there is a high chance we may see a massive upside rally to $70,000 in the coming days. 

See also  Bitcoin price crash alert: Analyst predicts ETF-driven plunge, time to sell?

Is your portfolio green? Check out the BTC Profit Calculator


As of now, the major liquidation level is near $54,700 on the lower side and if the sentiment changes, and it falls to that level, nearly $2 billion worth of long positions will be liquidated.

Bitcoin liquidation level

Source: Coinglass

Whereas, on the upper side, the major liquidation level is near $58,000. If sentiment remains unchanged and BTC soars to that level, nearly $500 million of short positions will be liquidated.

Next: 404,448 Bitcoin moved to permanent addresses: Bull run incoming?
Tags: BearishBitcoinCrucialflashesLevelSignsWatch

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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EDITOR'S PICK

NFT sales rise 10.6% to $115m, Doodles rally 500%

NFT sales rise 10.6% to $115m, Doodles rally 500%

May 11, 2025
Bidding Begins on Ross Ulbricht’s Pre-Arrest and Prison Mementos as He Embarks on New Chapter

Bidding Begins on Ross Ulbricht’s Pre-Arrest and Prison Mementos as He Embarks on New Chapter

May 14, 2025
Join a Guild in Pixels

Join a Guild in Pixels

March 21, 2024
Synergy of Serra Shuts Down

Synergy of Serra Shuts Down

February 16, 2024

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