• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
bitcoin price
Nexo Logo

$20 Million in BitMEX Longs Wiped as Bitcoin Crashes Below $9,000

Nick Chong by Nick Chong
2 years ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

After weeks of consolidation, Bitcoin decisively broke below $9,000 just minutes ago. The cryptocurrency dipped as low as $8,840 on leading spot exchanges and slightly lower on margin-enabled exchanges like BitMEX.

BTC price chart of the drop from TradingView.com

BTC price chart of the drop from TradingView.com

This move caught many traders off guard, according to derivatives data.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Skew.com reported that more than $20 million worth of longs on BitMEX alone were liquidated during this move lower. This adds to the approximately $50 million in longs liquidated earlier this week as the cryptocurrency slid from ~$9,400 to $9,000.

Bitcoin position liquidation chart for BitMEX from crypto derivatives tracker Skew.com

Bitcoin position liquidation chart for BitMEX from crypto derivatives tracker Skew.com

BitMEX’s Ethereum market has also sustained damage. The derivatives tracker has reported liquidations of $1 million worth of ETH contracts.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Considering that these are just two markets of a broader crypto derivatives industry, there were likely dozens of millions more liquidated.

Related Reading: Crypto Tidbits: Bitcoin At $9k, Grayscale Ethereum Trust, Cryptocurrency & PayPal

A Bigger Bitcoin Drop Is on Its Way

Analysts say that this weakness could be a precursor to an even greater drop.

Blockroots founder Josh Rager said last week that Bitcoin breaking $9,100 will lead to a move to $8,900 and $8,500. Should Rager’s analysis continue to hold true, a move towards $8,500 will follow in the coming hours and days:

“BTC’s range is clear. Current support that has been holding the past three weeks is the mid-range Break down here and price likely to see $8900 followed by $8500 range bottom,” Rager wrote, referencing the chart seen below.

Bitcoin

Chart of BTC’s price action over recent months by Josh Rager (@Josh_rager on Twitter). Chart from Tradingview.com

There are others expecting a further move to the downside.

One trader argued on June 25th that Bitcoin is currently trading in a textbook Wyckoff Distribution. A Wyckoff Distribution is a bearish chart and volume pattern that appears near the tops of bull trends.

“A couple more clues developing that lend themselves to HTF distribution. 1. Rising Demand on the verge of failing. 2. Side by side, ascent vs descent with selling the dominant pressure from volume. We break to the downside, I’m not interested in $7ks. Much lower,” the analyst wrote, referencing Bitcoin’s recent weakness.

Image

BTC distribution analysis posted by “Cold Blooded Shiller” (@Coldbloodshill on Twitter). Chart from TradingView.com

Corroborated by Fundamentals

The bearish analyses shared by these traders can be corroborated by fundamental trends.

As reported by NewsBTC previously, on-chain analyst Cole Garner noted that BTC’s next “big” move is likely to be to the downside. He attributed this sentiment to growing sell-side pressure from miners, weak buy orders on Bitfinex, and institutions being net short on Bitcoin via the CME.

Not to mention, the multi-billion-dollar crypto scam, PlusToken, has distributed cryptocurrency to wallets. DTC Captial’s Spencer Noon has reported that the sum PlusToken is trying to liquidate is cumulatively worth $450 million.

Featured Image from Shutterstock
Price tags: xbtusd, btcusdt, btcusd
$20 Million in BitMEX Longs Wiped as Bitcoin Crashes Below $9,000
Tags: bitcoin priceBitMEXbtcusdBTCUSDTliquidationxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

bitcoin

Why Bitcoin Could Return To $28,000, But By The End Of 2022

16 hours ago
$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

19 hours ago
bitcoin bear

New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000

21 hours ago
Bitcoin

Why Bitcoin Could Collapse Another 50%, Says Michael “Big Short” Burry

21 hours ago
Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000

Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000

22 hours ago
Bitcoin

Bitcoin Sees Worst Quarter In 11 Years

23 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Don’t Miss Out On Experts’ Top Crypto Picks! Gnox (GNOX), Algorand (ALGO) And VeChain (VET) Set To Lead Bullish Market

July 2, 2022

LBank Exchange Will List DEBT on July 5, 2022

July 2, 2022

LBank Exchange Will List Metavie Token (METAVIE) on July 5, 2022

July 2, 2022

Holon (HLN) Is Now Available for Trading on LBank Exchange

July 2, 2022

LBank Exchange Will List METAFASTEST (METAF) on July 1, 2022

July 2, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.