Bitcoin price is currently finding buyers at a disappointing $65,180 and is heading towards the daily low. In the last 24 hours, the price has fallen to $64,780, and ongoing sales are fueling concerns about further declines. This situation is particularly affecting altcoins like AVAX, which were late to start their upward trend.
Avalanche (AVAX)
AVAX price began Sunday at $51 and could melt further if BTC continues to fall. It started to face selling pressure while targeting $100, which is not surprising given BTC‘s current situation.
In the past 24 hours, total liquidations in cryptocurrencies have reached $580 million. About $3.3 million in AVAX long positions were also liquidated. This unexpected rapid drop has disappointed AVAX investors who thought a major breakout had occurred.
In futures markets for Avalanche (AVAX), the size of open positions dropped by 25%, and the OI fell to $427 million. The volume increase at the same rate indicates that investors remain cautious about potential larger losses.
AVAX Price Prediction
If the BTC downturn had not shaken the markets, new highs could have been targeted with closes above $58. Indeed, we have been discussing this for weeks, talking about targets of $78, $100. Moreover, this rise was almost realized, supported by the liquidation of massive short positions.
According to Hyblock Capital data, as the price approaches the $62 region, the size of the liquidation increases. So, what happens now? The situation for BTC is not looking too bright at the moment, which naturally means a high chance of a significant correction for altcoins in the short term.
The AVAX price, which previously struggled to overcome the $50 resistance, is now on the verge of falling below it. Initially, the price could drop to $48 and $41. If larger sales start, the price may target the parallel channel resistance that the rise began from, at $31.5.
Considering Bitcoin‘s price performance, it could be beneficial for investors to account for stop orders that may be triggered with the loss of the $50-48 range. At the time of writing, BTC is finding buyers at $64,880.
