Why did we fall?
Investors' profitability levels have been high for several weeks.
With this week's busy economic calendar in the wake of unfavorable data, investors may have opted for profit-taking.
The interest rate decision that will affect all markets tomorrow will give an idea about whether the decline in cryptocurrencies will deepen. The current expectation is that the rate cut is 55.6% likely to start in June.
Last situation
If we look at more on-chain data to answer the question of what happens next, we can see that in the short term the danger is still not over.
From institutional investors, we are seeing selling pressure after a long time.
When we look at the 5 largest spot ETFs, we are seeing the opposite of what we are used to after a long time. Yesterday, there was an outflow of 154 million dollars from ETFs.
Coinglass
Although we cannot talk about a very serious increase in reserves, an amount of Bitcoin that could create price movement in the short term has been transferred to exchange wallets.
In the last two days, exchanges' Bitcoin reserves have increased by around 8,000 Bitcoins.
Funding costs are approaching normalization, which could be a sign that the leveraged market has been deflated.
According to the liquidation map, there is a possible cumulative short liquidation of over $8 billion at the $76,500 level as a result of the short positions that have intensified in recent days.
