Bitcoin (BTC) is once again experiencing a decline in its price, causing concern among investors. Renowned analyst il Capo of Crypto has shared his insights on the current market situation. In a recent analysis, il Capo expressed his continued optimism for the bullish trend.
Although BTC failed to maintain its position above $65,000, il Capo believes that this level still represents a strong demand zone. He has identified a specific range between $65,000 and $63,000 as a crucial area to watch. If BTC manages to break above $66,000 on the descending trend line, il Capo suggests that a bull scenario towards $68,000 could be valid.
Moreover, il Capo predicts that altcoins will also experience significant movements during this potential jump in BTC price. He anticipates a positive market trend and expects strong performances from other cryptocurrencies as well.
The recent decline in BTC price has resulted in the liquidation of $126 million worth of cryptocurrency positions within the past 24 hours. Notably, $97 million of these positions were in long positions.
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