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5 Key Reasons Bitcoin Price Fell From $9,800 to $9,200 Overnight
The price of Bitcoin fell from $9,800 to $9,200, and it was most likely caused by five key factors.
The price of Bitcoin (BTC) fell from $9,800 to as low as $9,200 on major exchanges overnight. It comes after BTC demonstrated relatively low volatility in the past week, ranging in between $9,900 and $9,500.
The sudden short-term price drop can generally be attributed to five major factors: a cascade of liquidations on BitMEX, whales seeking liquidity at near support levels, an uptick in miner selling and the rapid growth of the options market.
Cascading liquidations on BitMEX
In the last 18 hours, around $53 million worth of longs were liquidated on BitMEX alone. It indicates traders were largely expecting the price of Bitcoin to reclaim the $10,000 resistance level in the near-term.
Instead, the price of Bitcoin rejected $9,800 with a heavy sell-off, taking BTC down to around $9,300 initially within a span of an hour.
There is a high level of selling pressure in the high-$9,000 area because traders are actively moving to hedge their positions in case of a deep pullback.
Cryptocurrency trader Koroush AK wrote:
In April 2020, it took around 38 days for Bitcoin to rally from $5,800 to $7,700. But, it took less than 9 days for Bitcoin to surge from $7,700 to $10,000.
Technically, there is little resistance or support between $7,700 to $9,100. Traders are seemingly cautious about a further downtrend because of the weak technical structure between the price range.
The 50 BTC was mined merely one month after the first Bitcoin block was mined, causing people to speculate if it was Satoshi Nakamoto.
But, from the absence of a Patoshi pattern to the existence of several early miners in 2009, almost all data points showed the sender was not Satoshi.
more on:
https://cointelegraph.com/news/5-key-reasons-bitcoin-price-fell-from-9-800-to-9-200-overnight
The price of Bitcoin (BTC) fell from $9,800 to as low as $9,200 on major exchanges overnight. It comes after BTC demonstrated relatively low volatility in the past week, ranging in between $9,900 and $9,500.
The sudden short-term price drop can generally be attributed to five major factors: a cascade of liquidations on BitMEX, whales seeking liquidity at near support levels, an uptick in miner selling and the rapid growth of the options market.
Cascading liquidations on BitMEX
In the last 18 hours, around $53 million worth of longs were liquidated on BitMEX alone. It indicates traders were largely expecting the price of Bitcoin to reclaim the $10,000 resistance level in the near-term.
Instead, the price of Bitcoin rejected $9,800 with a heavy sell-off, taking BTC down to around $9,300 initially within a span of an hour.
There is a high level of selling pressure in the high-$9,000 area because traders are actively moving to hedge their positions in case of a deep pullback.
Cryptocurrency trader Koroush AK wrote:
In April 2020, it took around 38 days for Bitcoin to rally from $5,800 to $7,700. But, it took less than 9 days for Bitcoin to surge from $7,700 to $10,000.
Technically, there is little resistance or support between $7,700 to $9,100. Traders are seemingly cautious about a further downtrend because of the weak technical structure between the price range.
The 50 BTC was mined merely one month after the first Bitcoin block was mined, causing people to speculate if it was Satoshi Nakamoto.
But, from the absence of a Patoshi pattern to the existence of several early miners in 2009, almost all data points showed the sender was not Satoshi.
more on:
https://cointelegraph.com/news/5-key-reasons-bitcoin-price-fell-from-9-800-to-9-200-overnight
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