$BTC slipped 1.08% in the last 24h, slightly underperforming the broader crypto market’s 1.13% decline. This move extends the short-term downtrend, with $BTC down 2.27% on the week. Here’s what’s driving the weakness:
Leverage Unwind
Over $347M in crypto liquidations hit the market in 24h, including $135M in $BTC long liquidations. Forced selling from over-leveraged longs amplified downside momentum a classic deleveraging cascade.
Bearish On-Chain Signals
Bitcoin’s Supply in Loss is trending higher, a pattern historically seen in early bear market phases. At the same time, long-term holders sold 143k BTC in the past 30 days, reducing a key source of market stability.
Technical Pressure
BTC remains below key moving averages, with a deeply negative MACD signaling sustained bearish momentum. RSI sits neutral, offering no oversold bounce signal buyers lack conviction.
Bottom line:
The recent drop wasn’t just noise. It reflects a leverage flush within a weakening on-chain and technical backdrop.
Key level to watch:Can BTC hold the $88,541 Fibonacci support, or does a breakdown open the door to the
next leg lower?