3 explosive signals that Bitcoin is headed for a major plunge! Is $57K next?
Bitcoin [$BTC] is up 0.53% in the past 24 hours but trades in a 3% drawdown over the past seven days. The cryptocurrency has struggled to reclaim its initial strength that took it above $80K in mid-May. In fact, a couple of metrics show that Bitcoin price is more likely to drop than reclaim higher levels. However, this prediction is not certain, but when many indicators rhyme, such moves tend to align. Liquidation data suggest more decline For instance, the liquidation data from the 30 major exchanges over the past month show a cluster of orders at $57,300. This zone rests well below the current levels. Worth noting, there is another massive liquidation cluster at $70K, which is a bit far compared to the $57.3K level. Since price tends to follow liquidity in close proximity, $BTC may drop to $57.3K. However, for such to happen, $BTC has to lose more strength. Source: Alphractal Of the cluster below current price action, the lowest significant cluster is at $47,300, which is also a possibility. What‘s reinforcing $BTC’s drop? Apart from the liquidity magnet resting below, Bitcoin has broken below the Rainbow Chart for the second time in history. Since inception, $BTC has traded with the Rainbow Chart channel, but in 2022, it









