Bitcoin fails to hold above $20K after bullish reversal, falls 9%

Bitcoin jumped to $20,700 pursuing the announcement of Binance’s plans to get FTX.

The starring cryptocurrency by marketplace headdress had been trading down astatine astir $19,200 earlier successful the time but surged 7.6% pursuing the news.

However, the reversal was short-lived, arsenic BTC has fallen backmost to $18,800 arsenic of property time. Bitcoin fell arsenic debased arsenic $18,420 earlier recovering slightly. The terms enactment appears to beryllium related to the liquidity situation astatine FTX and the imaginable decease spiral of the FTT token.

Source: TradingView

The surge successful Bitcoin’s terms came aft Binance announced it would get FTX, which temporarily caused the FTT token to leap 44% to $20.80. The token, however, lone recovered for a abbreviated play and is present down to conscionable $9.40 little than 2 hours aft the acquisition announcement.

Source: TradingView

There has been $85.94 cardinal successful Bitcoin liquidations implicit the past 4 hours passim Nov. 8. Across the full crypto market, $303.68 cardinal has been liquidated. The bulk of the liquidations were from agelong positions, according to information from Coinglass.

Source: Coinglass

The station Bitcoin fails to clasp supra $20K aft bullish reversal, falls 9% appeared archetypal connected CryptoSlate.