{"id":416136,"date":"2020-02-26T17:07:45","date_gmt":"2020-02-26T17:07:45","guid":{"rendered":"https:\/\/ktsl888.com\/?p=416136"},"modified":"2024-06-11T13:42:33","modified_gmt":"2024-06-11T13:42:33","slug":"crypto-carnage-100-million-bitcoin-longs-liquidated-minutes","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/crypto-carnage-100-million-bitcoin-longs-liquidated-minutes\/","title":{"rendered":"Crypto Carnage: $100 Million in Bitcoin Longs Liquidated in Minutes"},"content":{"rendered":"

The crypto market carnage has not stopped since NewsBTC’s last market update:<\/a> Bitcoin, as of the time of writing this, is trading at $8,700, having traded as low as $8,620 (on some exchanges) just minutes ago as selling overwhelmed the market.<\/p>\n

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This move from around $9,000<\/a> to $8,600 in just a few minutes’ time, per data from Skew.com<\/a> that was subsequently shared on online forums, liquidated $108 million worth of BitMEX longs. The Open Interest of BitMEX’s book has dropped dramatically, showing how longs are currently being punished for attempting to long prices in the $9,000s.<\/p>\n

https:\/\/twitter.com\/MacnBTC\/status\/20478464<\/p>\n

The analysis from the previous report still stands: Bitcoin is currently in an extremely important zone from a technical analysis perspective, for around the current price exists a convergence of support levels that have been historically relevant.<\/p>\n

For those who missed the last update, prominent analyst Filb Filb, amongst other traders, have said that mid-$8,000s are crucial for bulls to hold moving forward. Filb Filb wrote:<\/p>\n

\u201cDownside targets [of] the 200-day moving average, 20-week moving average, and 50-week moving average seem good for a bounce, but the 200-day moving average is never really lost in a bull run, so losing that could be more of a significant issue. Nevertheless, I\u2019m looking for longs down there.\u201d<\/p><\/blockquote>\n

For some much-needed context, the moving averages for Bitcoin are as follows:<\/p>\n