Bitcoin

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<p>The price of Bitcoin (BTC) has <a href="https://www.coingecko.com/" rel="noopener noreferrer nofollow">flirted</a> with the threshold of $40,000, stirring up cautious sentiment among traders.&nbsp;</p>
<p>The cryptocurrency, which has seen a rollercoaster of price movements over the past month, is now showing signs that the bullish momentum might be waning.&nbsp;</p>
<p>Analysts are closely watching key support levels since breaking below $40,000 could signal a more profound bearish trend.</p>
<h2 id="a-massive-correction">A massive correction&nbsp;</h2>
<p>The leading cryptocurrency is currently down more than 7% over the past 24 hours, erasing most of its recent gains. &nbsp;&nbsp;</p>
<p>According to crypto analyst Dave the Wave, Bitcoin has <a href="https://twitter.com/davthewave/status/1734293644457451594" rel="noopener noreferrer nofollow">experienced</a> a near 78% retracement from its correction lows. This might signal a possible stabilization in the market.&nbsp;</p>
<p>This retracement level is significant in technical analysis since it is based on the Fibonacci sequence, which is commonly used by traders to predict areas of support or resistance.&nbsp;</p>
<h2 id="massive-liquidations">Massive liquidations&nbsp;</h2>
<p>The cryptocurrency market has witnessed significant liquidations in recent times, with a considerable amount of long and short positions being forcibly closed due to traders' inability to meet margin requirements.&nbsp;</p>
<p>In the last 24 hours alone, total liquidations have <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">reached</a> a staggering $523.57 million, with long positions accounting for $461.94 million of that figure.&nbsp;</p>
<p>This indicates a heavily skewed market where bullish traders have been caught off guard by the recent downturn.&nbsp;</p>

Bitcoin (BTC) Price Comes Close to Losing $40K

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