{"id":420637,"date":"2020-04-13T00:49:49","date_gmt":"2020-04-13T00:49:49","guid":{"rendered":"https:\/\/ktsl888.com\/?p=420637"},"modified":"2024-06-11T10:32:46","modified_gmt":"2024-06-11T10:32:46","slug":"30-million-liquidated-as-bitcoin-price-just-plunged-to-6600","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/30-million-liquidated-as-bitcoin-price-just-plunged-to-6600\/","title":{"rendered":"$30 Million Liquidated as Bitcoin Price Plunges to $6,600"},"content":{"rendered":"
Over the past two hours, Bitcoin<\/a> has rapidly reversed after it passed $7,000 on Sunday<\/a>. As of the time of this article’s writing, the cryptocurrency trades at $6,675, some 8% below the daily high around $7,200. BTC wicked as low as $6,580 just minutes ago.<\/p>\n <\/p>\n According to data from Skew.com,<\/a> this strong move lower resulted in $30 million worth of long-side liquidations on BitMEX while other platforms probably saw a similar move. Sellers seem to be accumulating shorts into the crash, with BitMEX open interest denominated in BTC actually rising from around 71,000 BTC to 73,000 BTC amid the drop.<\/p>\n It isn’t clear what caused this move, but gold has begun to rally while the futures for the American stock market (S&P 500 futures and Dow Jones futures) have seen a tepid open after a record rally last week.<\/p>\n According to prominent crypto trader Mac,<\/a> the recent price action is likely going to be a precursor to a rally to fresh multi-week highs. His chart, published when BTC was surging past $7,000 just hours ago, predicted a return to $6,600, which just took place, and then a subsequent 15% rally to $7,600, which has yet to take place.<\/p>\n https:\/\/twitter.com\/MacnBTC\/status\/56352009<\/p>\n To add to this, per previous reports from NewsBTC<\/a>, Su Zhu of crypto and forex fund Three Arrows Capital observed that on April 10th, there was a massive Ethereum buy wall on Bitfinex. Buyers, in fact, put up a jaw-dropping 250,000 ETH worth of bids between $159 and $162, amounting to a cost of around $40 million.<\/p>\n Furthermore, multiple pieces of evidence \u2014 such as web traffic measured by Alexa, anecdotal stories from friends and family, and order book data \u2014 suggest that buy-side demand for Bitcoin is starting to ramp up.<\/p>\n There are some, however, fearing that a deeper drop is on the horizon. Crypto trader Mayne shared the below chart, indicating that Bitcoin is in the midst of falling out of a rising wedge structure, textbook bearish, that was formed when the cryptocurrency hit the $3,000s back in March.<\/p>\n #Bitcoin<\/a> pic.twitter.com\/bIFek9JpHN<\/a><\/p>\n — Mayne (@Tradermayne) April 13, 2020<\/a><\/p><\/blockquote>\nMany Remain Bullish On Bitcoin<\/h2>\n
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