Since the weekend, the digital asset has been losing value as China’s crackdown on cryptocurrency may have injected fear investors.
This sell-off could be the result of the Death cross making its way to the Bitcoin market.
This denoted the panic in the market; traders may have sold positions to realize profits before BTC hit a new yearly low.
Meanwhile, the aggregated open interest in the Bitcoin Futures and Options market has fallen.
The altcoin has lost 63% in value since its peak at $4,646 and was currently witnessing strong liquidations worth $60 million.
Bitcoin enthusiasts may want to keep an eye on institutional buying- as more bitcoins the users sell, the more there is for the institutions to buy.
Namrata is a full-time journalist at AMBCrypto covering the US and Indian market.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.