Cryptocurrencies Price Prediction: Bitcoin, Uniswap & Crypto – European Wrap 24 January

Bitcoin price decline triggers nearly $83 million in liquidations, BTC price recovers from drop below $39,000

Bitcoin price slipped to a low of $38,555 on Binance, early on Tuesday. The crypto market bloodbath saw an increase in selling pressure on BTC, driving prices lower. BTC climbed back above the psychologically important level of $40,000 on Wednesday.

The asset’s price decline triggered a liquidation of $55.52 million in long positions and $27.42 million in short positions. 

Uniswap price validates bearish reversal pattern, causing $2.2 million worth of liquidations

Uniswap (UNI) price has declined significantly in the past few days. Despite noting a good run towards the beginning of the month, corrections came through, and the altcoin’s value declined.  From a technical perspective, the recent price declines are set to extend as price action has formed a bearish reversal pattern. 

Global risk appetite pauses crypto sell-off

Bitcoin reversed to the upside on Tuesday afternoon. The price drop to $38.5K attracted buyers on the background of another update of all-time highs by leading US indices, which supported risk appetite.

In early trading on Wednesday, Bitcoin's price is testing the $40K level. This is an attempt to break the downtrend by climbing above the previous day's highs. Now, it seems that the sellers in Bitcoin have not yet exhausted their potential, and we should be ready for a new momentum of decline to $37.5K.