The same report also observed that a sudden, sharp price drop could be imminent. A few hours later BTC fell to $58.4k before bouncing slightly to trade at $61.1k at press time.On Sunday, the 16th of June, Bitcoin bounced from $66k to $66.9k, thus retesting the range highs as resistance. Since then, it has trended downward and was near the lows at $59.7k. It is expected that the $59k-$60k support zone would see BTC recover.
However, the OBV was in a strong downtrend and reflected intense selling pressure over the past two weeks. This trend must be arrested and reversed before bulls regain confidence.Although the $59k region was a strong demand zone, it might not be enough to stall the bearish pressure. AMBCrypto’s analysis of the liquidation data from Hyblock showed that we are likely to see another 10% BTC price drop soon.
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