the appearance of increasing bullish divergences due to those who have longed BTC at $39,800.
"People are considering selling off partially at this stage, as they expect markets to drop further," Van de Poppe added in further comments. "Next to that, most of the people are assuming we're only going down, as a bear thesis is currently the primary scenario." At the time of writing, Bitcoin was back above $40,000 as the market attempted to find local support.Looking at exchanges, data from on-chain analytics resource CoinglassBitcoin accounted for around one third of the tally, with total BTC liquidations in the past 24 hours nearing $90 million.Altcoins meanwhile joined in the modest panic, with Ether dropping below $3,000 for the first time since early October.
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