Ouch. The Bitcoin (BTC) price has dumped by over $450 in the past few minutes, with bears finally managing to take the wheel of the cryptocurrency market after over two weeks of lull.
It isn’t clear what triggered this move, but with this flash crash, the leading cryptocurrency has decidedly shed the $10,000 support.
With this $500 drop, bullish traders on BitMEX and other leverage-enabled platforms were hit fairly hard.
According to Skew Markets, a cryptocurrency analytics firm, in fact, over $150 million worth of BTC long positions on BitMEX were liquidated in the past hour.
Liquidated long on XBTUSD: Sell 10,000,000 @ 9760 ??????????????????????????????????????????????????????????????????????????? ~ hide your kids, hide your wife, cause they’re liquidatin’ everybody out here
— REKT (@BXRekt) September 19, 2019
This move brings Bitcoin to a very important territory, analyst Magic has said. As he pointed out in the tweet below, BTC is now testing the 21-week moving average right now, which, as reported by this outlet previously, is a level Bitcoin flirted with during 2017’s bull market on over four separate occasions. The loss of this level could imply that bulls are losing control of the long-term trend.
Bitcoin is testing the 21 week MA right now. This is the moment of truth!
— MAGIC (@MagicPoopCannon) September 19, 2019
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