Bitcoin: Drops Below $71,000 on $155M Long Liquidations
Bitcoin drops below $71,000 for first time since April 7 with $155 million longs liquidated as 4h chart shows bearish EMA structure at $70,802.
SourceAnalysis
Bitcoin fell $1,200 in the last 60 minutes and broke below $71,000 for the first time since April 7th while $155 million in longs were liquidated.
Price sits at $70,802.29 testing the lower Bollinger Band support at $71,009.09 with RSI(14) at 25.05 marking oversold momentum and MACD at -810.32 confirming the death cross below both EMA50 at $74,123.33 and EMA200 at $76,291.53; any relief rally will likely stall at the upper band resistance near $75,276 before the next leg lower.
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