On October 30, the price of Bitcoin showed significant volatility and an overall downward trend.
After Fed Chairman Powell made hawkish remarks, Bitcoin's decline widened, dropping by as much as 3.1% to below $108,000, before the decline narrowed. As of 15:47, the price of Bitcoin was $111,433.05, down $1,915.59 from the previous day, a decline of 1.69%. The highest price in 24 hours was $113,643.73, the lowest was $107,925.06, and the 24-hour trading volume was 630,000, with a transaction value of $70.21 billion.
From a technical perspective, after reaching an all-time high, Bitcoin failed to hold effectively and quickly turned downward, forming an M-top pattern, indicating a reversal of the short-term trend. The price has fallen below all short-term moving averages, showing obvious weakness. On-chain data shows that retail and small to medium investors are bottom-fishing, while whales are offloading their holdings, which is often a dangerous signal for a market peak. Additionally, in the past 24 hours, the total liquidation amount across the network reached $35.087 million, with long positions accounting for $23.4216 million, exceeding 66%, resulting in a large number of long leveraged positions being forcibly liquidated and a reversal in market sentiment.
After Fed Chairman Powell made hawkish remarks, Bitcoin's decline widened, dropping by as much as 3.1% to below $108,000, before the decline narrowed. As of 15:47, the price of Bitcoin was $111,433.05, down $1,915.59 from the previous day, a decline of 1.69%. The highest price in 24 hours was $113,643.73, the lowest was $107,925.06, and the 24-hour trading volume was 630,000, with a transaction value of $70.21 billion.
From a technical perspective, after reaching an all-time high, Bitcoin failed to hold effectively and quickly turned downward, forming an M-top pattern, indicating a reversal of the short-term trend. The price has fallen below all short-term moving averages, showing obvious weakness. On-chain data shows that retail and small to medium investors are bottom-fishing, while whales are offloading their holdings, which is often a dangerous signal for a market peak. Additionally, in the past 24 hours, the total liquidation amount across the network reached $35.087 million, with long positions accounting for $23.4216 million, exceeding 66%, resulting in a large number of long leveraged positions being forcibly liquidated and a reversal in market sentiment.
