Bitcoin Dives By $500, Liquidates $28M In Long Positions On BitMEX

Bitcoin dives by $500 in less than 20 minutes and managed to also liquidate $28 million worth of long positions on BitMEX as we are reading in the bitcoin latest news today.

After rallying 20% from the lows and reaching $10,000, Bitcoin dives by $500 within 20 minutes from $9,750 to $9,200 in a short period of time. There was an 8% reversal from the $10,000 highs of the Thursday trading session and not everyone expected a crash like that. After pushing above the resistance level of $8,000 and $9,000, some of the analysts were convinced that Bitcoin was poised to break into another bull run. This drop, however, negated the sentiment for the time being.

According to the data shared by Skew.com, the crypto derivatives platform, more than $28 million worth of BitMEX long positions were burned down in this move. This came after the smaller pieces of $1-10 million liquidations per hour over the past two days when Bitcoin increased. As this move transpired, few analysts reacted to the price movement. One even said:

 “No break in market structure by my rules yet on the 1D. Close below $8529 and 1D flips bearish and the first target is $7.8k. Break back above $9.5k and I’m gunning for new highs > $10.5.’’

What the analysts say is that if Bitcoin is able to hold $9,500 on the notable time frame charts, after the $500 plunge, the bullish market structure will remain intact. Also, some are certain that the long-term outlook for bitcoin will remain bullish. One, in particular, believes that the cryptocurrency is ready for ‘’liftoff’’:

 “Bitcoin weekly Heikin Ashi looks clear for liftoff.’’

Also, some say that the price of Bitcoin is on the road to $14,000 this week after we saw some flashing signs of bourgeoning technical strength in the time following its recent dip to lows of $8,100. From this point, we can see that the cryptocurrency has been able to incur a steady climb higher that has since allowed it to once again visit the $9,000 region. Some investors have speculated that BTC would see a post-halving selloff due to the hype that is surrounding this event. Bitcoin established a firm base above the $9,000 region since it plunged by 15 percent in the past three days to the $8,100 region.