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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Plunges to Fresh Lows Under $8,400; $90 Million in BitMEX Longs Liquidated

Nick Chong
Nick Chong
1 year ago
2 mins read
bitcoin

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Despite the strength seen earlier this week, Bitcoin started to plunge on Saturday.

After printing a bearish “Darth Maul” candle that resulted in a crucial reversal at $9,200, the cryptocurrency has trended lower and lower, falling as low as $8,325 just minutes ago as of the time of writing this article. This marks a nearly 10% drop from the local high at $9,200.

This move came in three legs: the first, which brought BTC from $9,200 to $8,900, occurred on Saturday afternoon; the second, which took prices from $8,900 to $8,700, came around midnight; and the biggest and latest one has taken place over the past three hours.

As a result of the latest leg lower, $92 million worth of Bitcoin long positions were liquidated on BitMEX. (The two previous legs liquidated $21 million and $18 million in long positions, respectively.)

Data from https://t.co/T3RTVBbJrD shows $92 million worth of bitcoin contracts were liquidated on BitMEX within a single hour, as bitcoin fell from $8,633 to $8,291 in less than 15 minutes. pic.twitter.com/VDvFdNH6Qr

— Joseph Young (@iamjosephyoung) March 8, 2020

Analyst Expects Bitcoin to Hold $8,400

While the momentum seems clearly bearish, analysts are expecting a bounce in the near term. Prominent trader Big Cheds posted a message just minutes ago, stating that BTC has “his permission” (half-jokingly) to “bounce now.”

Backing this lofty sentiment, he pointed to a chart that showed that Bitcoin has found support at $8,400 over three times in the past few weeks.

Crypto investment consultancy head BurgerCrypto remarked that this drop may be the start of a greater correction, one that will bring it back to the $6,000s in due time. He noted that the recent price action has formed a “plausible” head and shoulders pattern on the daily chart for BTC, which is a textbook pattern that is likely to break lower.

Combination of #Corona FUD and TA makes it a plausible scenario; H&S pattern on the daily chart for $BTC which often marks the start of a reversal.

Unsure how all the Corona FUD will affect BTC price. It shouldn't affect it too much from a theoretical POV, but emotions ey. pic.twitter.com/QWkYW7yWHM

— Burger (@marcelamdax) March 8, 2020

Featured Image from Shutterstock
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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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