Bitcoin [BTC] Price Analysis 17 August: Crypto Market Down 0.8% as BTC Trends Bearish

The total market capitalization decreased by 0.8% over the past 24 hours, sitting at $2.06 trillion at press time.

The total crypto market capitalization decreased by less than 1% during the past 24 hours. At press time, the market cap stood at $2.06 trillion.

According to AMBCrypto’s observation of CoinMarketCap, among the top 15 crypto assets, excluding stablecoins, only Binance Coin [BNB], XRP, and TRX trended upward over the past week.

Furthermore, data from Coinglass showed $221.9 million worth of liquidations over the previous day, with the largest of them on Binance for the BTC/USDT pair at $10.81 million.

The sharp price drop may be linked to the U.S. government moving 10,000 BTC to Coinbase Prime.

Examining liquidity pools

Prices are attracted to liquidity, and Bitcoin’s movements usually dictate crypto market-wide trends. During the past week, a significant cluster of liquidity built up at the $57.4K level.

This came after BTC poked its head above $60K.

That move prompted bulls to go long, building liquidity below $58K. On 15 August, BTC crashed as deep as $56K, clearing out the pocket. Further south, the $54.8K was the next bearish target.

Understanding Bitcoin and its price trends can help explain why the crypto market is down or up on any given day.

FUD from the U.S. government moving BTC to a centralized exchange might have catalyzed the price drop, too.

What next for the crypto market?Bitcoin has a bearish market structure. As we have seen, most major altcoins also have a short-term bearish trajectory. This meant that we would likely move downward till the 19th of August.

A reversal thereafter might be possible, but it also depends on new developments not affecting the sentiment too negatively.

The bearish momentum of Bitcoin and a lack of buying pressure meant that the crypto market and BTC are likely to go down further.

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