- Bitcoin price crashes 7.4% to $58K amid leverage flushing and miner selling.
- Analyst Willy Woo highlights that Bitcoin is nearing a potential reversal on daily candles.
- Yet, he warns of further crash to $54K as leveraged positions abound.
Bitcoin analyst Willy Woo, known for his long-term market outlook, has broken his usual silence on short-term predictions to address the recent 7.4% crash in Bitcoin’s price, attributing it to a combination of leverage flushing and miner capitulation.
In the most recent X post (formerly Twitter), the analyst offered an in-depth analysis of the current volatile state of the Bitcoin market, notably the attributed drop from its intraday high of $63,292 to retest the low of $58,601.
I don't usually do short time frame price action as it's the domain of gamblers. But worth a break down of what's happening given the fear in the market…We've been flushing out the leverage, 62.5k was the target to get most of it.
Until… https://t.co/ughwSKGYoo
— Willy Woo (@woonomic) June 24, 2024
The analyst explained that the market is experiencing a process of leverage flushing, with billions of dollars in long positions being liquidated. …
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