Crypto Carnage: $100 Million in Bitcoin Longs Liquidated in Minutes

The crypto market carnage has not stopped since NewsBTC’s last market update: 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.

Veteran Trader: Bitcoin to Target $8,400 After Posting “Big Time Bull Break”
Thursday April 02, 2020

In a jarring early-morning movement, Bitcoin blew past the resistance it was previously facing within the upper-$6,000 region, with this rally allowing bulls to significantly bolster their near-term technical situation. Analysts are now widely...

The post Veteran Trader: Bitcoin to Target $8,400 After Posting “Big Time Bull Break” appeared first on 12bitplay - Bitcoin Play.

This move from around $9,000 to $8,600 in just a few minutes’ time, per data from Skew.com 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.

This Crypto May Explode as it Flirts with a Massive Demand Zone
Saturday April 04, 2020

Throughout most of 2019 and the early months of 2020, Tezos incurred some immense bullishness that allowed it to post massive gains, with the crypto setting fresh all-time highs just a couple of months...

The post This Crypto May Explode as it Flirts with a Massive Demand Zone appeared first on 12bitplay - Bitcoin Play.

$108M longs liquidated in the past hour pic.twitter.com/y2Ck7t9gu2
— Mac ($OGN next $MATIC) (@MacnBTC) February 26, 2020

Bulls Last Stand: Why Bitcoin’s Trend Depends on The Defense of $5,800
Monday March 30, 2020

Bitcoin price has been more volatile than ever lately after the asset plummeted from $10,000 to under $4,000 in just over a month’s time. After such a collapse, the leading cryptocurrency by market cap...

The post Bulls Last Stand: Why Bitcoin’s Trend Depends on The Defense of $5,800 appeared first on 12bitplay - Bitcoin Play.

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.
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:
“Downside 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’m looking for longs down there.”
For some much-needed context, the moving averages for Bitcoin are as follows:

The 200-day moving average is around $8,800.
The 20-week moving average is at $8,500.
And the 50-week moving average is around the same as the 20-week moving average.

 
Featured Image from Shutterstock

You may also like...