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Bitcoin Down 7% In 7 Days, Led By Second-Largest Liquidation Event: Trader Points To ‘Demand Wall’ At $47,000

Bitcoin’s BTC/USD plunge on Friday comes on the heels of Mt. Gox starting its payment distribution. However, a trader predicted a further drop to a key demand level.

What Happened: Crypto chart analyst Ali Martinez in his latest tweet noted that currently Bitcoin is lacking significant support, and the key demand wall is at around $47,000.

Glassnode in its latest post highlighted the importance of the Mayer Multiple metric in evaluating Bitcoin’s market momentum. The metric’s role is used in assessing the ratio between Bitcoin’s price and its 200-day moving average (200DMA).

The onchain data provider pointed out that the 200DMA is often used as a simple indicator for determining bullish…

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