Wednesday, April 8, 2020

BTC to fall further? $80 million in longs liquidated on Bitmex

The Takeaway:

The drop in bitcoin's price has resulted in $80 million longs being liquidated on the BitMex platform. Last week $3.5 million worth shorts were liquidated on the same platform. Analysts have predicted the bearish trend for the leading cryptocurrency in the coming weeks.

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Yesterday bitcoin went below $10,000 mark before climbing up again today. At the time of writing, BTC is down more than 2% and is trading at just above $10,000 mark. This recent drop in price has triggered $80 million worth BTC long liquidation on the crypto exchange BitMex. Last week $3.5 million worth BTC shorts were liquidated on the platform. 

Many analysts have predicted that bitcoin might be heading towards a bear market. Analyst Josh rager earlier tweeted that bitcoin might slide below $9,000 in the coming weeks. 

According to a Forbes report, Bitcoin’s 30-day volatility is now at 53.5%, which is the lowest in four months. Chief investment officer at Blockforce capital believes so far in September, bitcoin’s price has only consolidated the range-bound nature that was kicked off early August. 

As reported earlier bitcoin is following a descending triangle pattern and many experts have predicted a bearish market for bitcoin in coming weeks. Let us know in comments where do you think the price of bitcoin is heading in coming weeks?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jesse Kirby
Jesse Kirby
Since his childhood days, Jesse was fond of writing and learning new things. He developed a special interest in bitcoin back in 2011 and started to get deep into the crypto space. After completing his masters degree from Bnos Menachem School, New York, Jesse became a full time writer and crypto analyst.

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