Bitcoin Bloody Sunday Marks $9 billion in LiquidationsBTC\/USD fell to $51,200 after testing the $61,200 level multiple times, which eventually forced bitcoin to succumb to selling pressure across the board. The sell-off was exacerbated by over-exposed investors that drove prices further down, with the total number of coin liquidations reaching up to $9 billion across exchanges (a new record in crypto).The major de-leveraging event ended the week on close above $56,200, just $300 short of what would have been a reasonably bullish close.At the time of writing, bitcoin trades below key technical levels outside market structure (ascending wedge). As such, it appears as though momentum has shifted to an interim correction period or a neutral trading posture at best.For months, we\u2019ve noted the importance of bitcoin\u2019s 20-weekly moving average as an area of strong buying pressure. In the event of continued downside, this indicator, currently occupying the $45,800 level, is a point of interest for a probable resumption of the bullish trend. The moving average also aligns with a trading block ($42,000\u201345\u2013800) which flipped from resistance to confirmed support on March 1st.On the flip side, should buying pressure resume, then conquering the 0.618 fib (and psychological) level at $60,000 would potentially sling shot bitcoin prices above $70,000.Since bitcoin is the ultimate blue-chip which dictates crypto trends, altcoin price-action will probably follow the leader with increased comparative volatility.Bitcoin Dominance Reaches 50%Notably, bitcoin dominance has bounced off the 50th percentile level. In the event of a continued sell-off, it\u2019s likely that BTC.D rebounds temporarily before potentially heading towards 40%. This scenario would not be conducive with good altcoin performance as the market retreats into the safety of bitcoin and stablecoins.Tailwinds For CryptoDespite the sell-off, the industry has various tailwinds which will have a long-lasting effect on price-action well into the future, including\u2026<\/p>","protected":false},"excerpt":{"rendered":"
Bitcoin Bloody Sunday Marks $9 billion in LiquidationsBTC\/USD fell to $51,200 after testing the $61,200 level multiple times, which eventually forced bitcoin to succumb to selling [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/4301"}],"collection":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/comments?post=4301"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/4301\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/media?parent=4301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/categories?post=4301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/tags?post=4301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}