There's been some notable volatility over the last 24 hours, with Bitcoin and Ethereum losing 8% and 10% respectively over this period.
Throughout this recent selling, over $840 million worth of positions have been liquidated.
We want to emphasize that Bitcoin is still in its sideways range, and we haven't seen a decisive breakdown. As we outlined in yesterday's note, looking out longer timeframes, this merely seems like a springboard to further upside.
If Bitcoin is above 58,000, we need to continue giving the bulls the benefit of the doubt.
If on the other hand Bitcoin loses these lows, then a more defensive approach is likely better.
For those with longer timeframes, a potential retest of 53,000 would provide an excellent level to add to long-term spot positions, if we even get there (not the bet we're making).
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