BTC price nears $26K amid warning Bitcoin sell pressure can 'double'
BTC price weakness continues into Wall Street trading, and Bitcoin has yet to rival seller capitulation from earlier this year. Bitcoin (BTC) stayed near two-month lows at the Aug. 18 Wall Street open as markets came to terms with extreme liquidations. "Drying liquidity" costs BTC price key support Data from Cointelegraph Markets Pro and TradingView showed BTC price action tracking sideways after a single daily candle spawned 8% losses. The largest cryptocurrency saw a cascade of liquidations across derivatives markets, with these accounting for an “outsized” majority amid relatively slack spot selling. “In Deribit it is likely that a large account got wiped, considering the immense short liquidation that occured together,” trading firm QCP Capital wrote in a market update sent to Telegram channel subscribers on the day. Bitcoin liquidations composite chart. Source: QCP Capital QCP, like others, noted that the market reaction to the alleged trigger — a write-down of SpaceX’...