NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Here’s Why Traders Are Scared After Bitcoin’s 8% Drop to $6,600

Nick Chong
Nick Chong
1 year ago
2 mins read
ethereum bitfinex

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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

After the weekly close at the end of Sunday, Bitcoin tanked. The cryptocurrency rapidly fell from the $7,200 weekend highs to a low of $6,580 — all over the course of an explosive three-hour drop. With this, dozens of millions of BitMEX long positions were liquidated, forced to close as sell-side pressure mounted.

Related Reading: Crypto Tidbits: Bitcoin Loses $7k, Blockchain Layoffs, Ethereum DeFi Explodes

Bitcoin has since stabilized, trading at $6,725 as of the time of this article’s writing, in line with the slight recovery in the value of the S&P 500’s futures, which fell as BTC fell earlier this trading session. Analysts, however, are fearful that a further drop is on the horizon.

Bitcoin Poised to Fall Even Lower

Mohit Sorout — a partner at crypto hedge fund Bitazu Capital — believes Bitcoin is in the midst of forming a “valid head and shoulders top” on its one-hour chart after the recent volatility, adding that the indicator is “one of the most reliable classical patterns.”

The chart he shared indicates that the cryptocurrency is following the textbook chart pattern to a T, forming three consecutive tops in a shape that resembles the head and shoulders of a human while printing consecutively lower bout of volume.

Sorout, who called Bitcoin’s recent rally to $7,200 when the asset was trading at $6,800, sees BTC falling to $6,000 if the textbook pattern plays out in full.

Valid HnS top on $BTC pic.twitter.com/oefzEqm1fP

— MS📈 (@singhsoro) April 13, 2020

To add to this, another popular crypto trader suggested that Bitcoin is in the midst of falling below a textbook bearish chart pattern that marked the $10,500 top in February, a rising wedge. Should BTC trade as it did after it fell out of the previous wedge, it is in for a steep correction, many traders are fearing.

The fears of Bitcoin undergoing an even more deep correction have been compounded recently with suggestions that last week’s candle closed a “shooting star,” which are often seen at the top and bottom of trends. This recent shooting star may signify a top, then a reversal back to or to near the lows.

All these signs in confluence add to the sentiment that BTC is not yet done falling.

Traders Are Getting Ready for Further Drop

Traders are preparing for this opportunity.

In the three hours after the drop began, BTC-denominated open interest on BitMEX’s Bitcoin market has risen by approximately 3,000 coins from 71,000 to 74,000 while the price has sunk, Skew.com data indicates.

Although it isn’t clear what side traders are taking, short-selling seems to be ramping up as TensorCharts indicates that throughout this drop, the predicted/expected funding rate on BitMEX positions has fallen from -0.0112 percent per eight hours to -0.0845 percent. As shared by popular crypto trader CL:

“ATM, people are paying 6.5% APR $$$ interest to short BTC on futures.”

atm, people are paying 6.5% APR $$$ interest to short BTC on futures. pic.twitter.com/p20jq3mh10

— CL (@CL207) April 13, 2020

Featured Image from Unsplash
Tweet123Share196ShareSend
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.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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.

Related News

maxi-doge-franchit-2-millions-prevente

Maxi Doge franchit les 2 M$ de prévente et s’impose en DOGE 2.0

Le décor est clair : Maxi Doge ($MAXI) vient de franchir le cap symbolique des 2 M$ de prévente. Pour...

guillaumev 1 hour ago
BTC, Bitcoin

Bitcoin Set Up For ‘Promising’ Q4, Next Two Weeks Could Be Decisive

As the overall market continues to move sideways, Bitcoin (BTC) is attempting to reclaim its local range highs as support....

Rubmar Garcia 2 hours ago
Coinbase

Coinbase Vs. State Regulators: Crypto Exchange Fights Legal Fragmentation

US-based crypto exchange Coinbase has made a significant appeal to the Department of Justice (DOJ) regarding a wave of lawsuits...

Ronaldo Marquez 3 hours ago
Load More

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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum price news

Ethereum Gears Up For $10,000: Charts Flash Parabolic Rally Signals

Jake Simmons 8 minutes ago
Bitcoin Price Recovery Hopes Rise

What To Expect From The Bitcoin Price If September Closes In The Green

Scott Matherson 14 minutes ago
Powell’s Rate Cut to Fuel Bitcoin Momentum – Bitcoin Hyper Presale Skyrockets Past $16.5M

Powell’s Rate Cut to Fuel Bitcoin Momentum – Bitcoin Hyper Presale Skyrockets Past $16.5M

Aaron Walker 1 hour ago

Premium Sponsors

Press Releases

  • 4 tokeny pripravené na obrovský rast, aby prekonali Shiba...

    1 hour ago
  • 4 tokena spremna za ogroman rast kako bi nadmašila Shiba...

    2 hours ago
  • 3 нискокапитализирани алткойна...

    17 hours ago
  • Топ алткойни за купуване, докато цената на Solana се доближава до исторически връх

    Топ алткойни за купуване, докато...

    20 hours ago
  • Najlepšie altcoiny na kúpu, kým cena Solany dosahuje...

    21 hours ago

Newsletter

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.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 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.