The insane decline of Bitcoin has not shown signs of stopping when it seems that the bulls of this coin have disappeared. The current strong downtrend has pushed BTC down to $ 4,800 and puts it at risk of a return to the 2018 bottom of $ 3,300.
After being battered by the bears from about $ 7,200 to as low as $ 5,200 on March 12, early today (February 13), Bitcoin continued to plunge below $ 5,000, a move that made $ 120 million. in the positions Long was liquidated.
Crypto analysts are noting that there is almost no buying pressure at the current price of Bitcoin and $ 4,000, suggesting that the price may drop further.
Bitcoin collapsed when buying power disappeared
At the time of writing, Bitcoin is trading just below the $ 5,000 mark, marking a large decline from the daily high of nearly $ 8,000 yesterday.
This has caused many analysts to be concerned that the selloff may not have stopped, because the unprecedented nature of this ongoing movement has returned to investors and caused buying pressure on BTC to vanish.
Hsaka – a famous crypto trader and analyst on Twitter, mentioned Bitcoin's current status in a recent tweet, pointing out an order book showing that there is little support between the current price of Bitcoin. Bitcoin and $ 4,000.
E M P T Y$ BTC pic.twitter.com/mcjmqbDdXJ
– Hsaka (@HsakaTrades) March 12, 2020
The huge number of orders sold at $ 5,000 and the lack of buyers to absorb this selling pressure, it is very likely that the king will drop significantly in the coming days and weeks.
Nearly $ 800 million was liquidated after the recent decline of BTC
As a result of this ongoing sell-off, Long positions worth $ 120 million on the liquidated BitMEX derivatives exchange, according to data from Skew.
The move comes shortly after the $ 665 million Long positions were liquidated earlier yesterday when Bitcoin plummeted to $ 5,200, before recovering to $ 6,200.
“665 million USD Bitcoin was liquidated right now on BitMEX alone, I recall that it was 665 million USD,” Joseph Young – a famous market commentator, noted in a recent tweet.
$ 665 million bitcoin longs were liquidated just now on BitMEX alone, I repeat, $ 665 million
– Joseph Young (@iamjosephyoung) March 12, 2020
Thus, in less than 1 day, the total liquidation value of Long orders on BitMEX has reached about 785 million USD, this is almost unprecedented.
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According to NewsBTC
Translated by ToiYeuBitcoin