A major correction has occurred on the markets overnight, bringing the Bitcoin BTC price down to $8,100 and then retracing to $8,800 as the date for the halving event nears. The 15% correction made BTC drop to $8,100 on days before the Bitcoin halving, but since then the cryptocurrency added around 5% to its price, minimizing the losses to only 9% at this point.
At 12:40 UTC time, the Bitcoin price news showed that BTC dropped from $9,574 to $8,112 in the course of only 15 minutes. This drop came after the top-ranked coin on the market struggled to reclaim its $9,800 support after falling below the support line which formed the base of a bull pennant – and was also aligned with a high volume node on the volume profile visible range (VPVR) indicator.
This unexpected drop is likely to have caught many traders off guard, which is how the major correction affected the markets, according to data from Skew markets. We can see that BitMEX’s hourly liquidations reached $226 million.
What is interesting is the fact that this major correction in the cryptocurrency news made the price bounce right off the 61.8% Fibonacci retracement level, which is a point referred to as the “golden pocket.” Traders appear to be quite interested in buying at this level as the BTC price bounced, trading at $8,600. Nonetheless, BTC still needs to gain above $8,800 in order to signal that a good recovery is happening.
The sudden drop and major correction means that there is now a CME Bitcoin futures gap at just above the $10,000 level. On the weekly price chart, we can see that BTC was doing well before this drop occurred.
However, analyst have warned that drops like these are usual before a halving event. The Bitcoin BTC price fell but did not lose too much of its value, which is why the market is still in control of the losses.
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When it comes to the altcoin news, we can see that some altcoins went through even bigger declines and lost more than 10% in the market. The names include BCH, LTC, BNB and EOS. The two biggest altcoins by market cap, ETH and XRP, lost more than 9% overnight. In total, the cryptocurrency market has lost around $20 billion but with the recent recovery, the losses are smaller.
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