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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

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

Nick Chong
Nick Chong
1 year ago
1 min read
bitcoin

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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.

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.

https://twitter.com/MacnBTC/status/1232708751020478464

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.

 

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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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