Pressure

  • Bitcoin (BTC) trading around $55,736.37 as of 20:00 UTC (4 p.m. ET). Sliding 1.73% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $53,350.37-$56,988.34 (CoinDesk 20)
  • BTC trades between its 10-hour and 50-hour averages on the hourly chart, a sideways signal for market technicians.
Pressure
Bitcoin trading on Coinbase.
Source: TradingView

Bitcoin traded in a narrowed range as Monday’s sell-off appeared to subside and prices settled in the mid-$50,000 range for the most of Tuesday.

Monday’s decline resulted in some $1.6 billion in derivatives bets being liquidated, second only to the record level that took place on Feb. 22, according to Norwegian blockchain analytics firm Arcane Research.