Amid Bitcoin price plunge 150 million longs liquidated on BitMEX


  • Bitcoin rebounds from $9,600 support but it still has a long way to go before hitting $10,000.
  • Bitcoin investors lose faith in Bitcoin recovery as 150 million longs are liquidated on BitMEX.

Bitcoin pierced through $10,000 support area in fresh weekly declines. The drop extended to lows around $9,600. However, a minor recovery has pushed Bitcoin above $9,800. In spite of the recovery, BTC is facing a 2.87% lower correction on the day. Moreover, the prevailing trend is strongly bearish.

Meanwhile, the leading derivatives trading platform in the crypto market BitMEX has seen a massive long position liquation. Josh Olszewicz, a Twitter user with a huge following highlighted the 150 million longs liquidation using a graph.

The liquidation is likely to have been triggered by the failure for Bitcoin to sustained growth when $10,400 was tasted. Besides, these are likely positions entered when Bitcoin recently dived below $10,000.

Alternative data monitoring platform datamish.com shows 102.4 million of longs having liquidated on BitMEX. At the same time, 105,000 of shorts having liquidated in the same period.

Read more: Bitcoin price update: BTC/USD dives below Bollinger Band levels as $10,000 is pierced

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Flat, Cryptocurrencies on a Positive Tone

Cryptocurrencies were slightly positive during the last 24 hours, except for Bitcoin, who failed to cross the $8,300 level and created a large candle down to $8.150, tho, then, move back to the $8,200 range. 

More Bitcoin News

Ripple price analysis: XRP/USD grinds to a halt ahead triangle breakout

Ripple performance in October has been relatively better compared to other major digital currencies. The world’s third-largest crypto is stepped above $0.30 last week but failed in sustaining gains towards $0.31.

More Ripple News

Ethereum market update: ETH/USD slips back inside the range, $180.00 still out of reach

ETH/USD hit $178.28 on Monday and retreated to $174.57 by press time. The second-largest coin is moving inside a tight range amid slow trading activity in sync with the market. 

More Ethereum News

NEO price analysis: NEO/USD on recovery track, still below critical resistance of $7.80

NEO, currently the 21st largest coin with the total market value of $527 million, has gained about 1.7% in recent 24 hours to trade at $7.5 at the time of writing. Since the beginning of Tuesday, NEO/USD has gained about 1%.

More NEO News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP