Bitcoin price dips under $17.6K June low as FTX nerves liquidate nearly $1B

Bitcoin (BTC) liquidated $200 cardinal of agelong positions connected Nov. 8 arsenic BTC terms concisely tumbled to two-year lows.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

BTC terms sets caller two-year low

Data from Cointelegraph Markets Pro and TradingView revealed carnage crossed crypto terms charts arsenic speech FTX kept the temper low.

After initially rebounding implicit $20,000 connected quality that the embattled FTX mightiness beryllium bought retired by rival Binance, panic returned aft the Wall Street open.

BTC/USD mislaid $2,000 successful nether 2 hours, seeing a abrupt plunge which acceptable a debased of $17,120 connected Bitstamp.

The past clip the brace traded astatine that level was successful precocious November 2020, meaning Bitcoin managed to bushed the erstwhile macro lows of $17,600 set successful June this year.

BTC/USD 1-week candle illustration (Bitstamp). Source: TradingView

Data from the Binance bid publication showed the abrupt cascade downward puncturing coagulated bargain enactment astatine $18,000.

At the Nov. 8 regular close, an country of involvement for commercialized measurement was astir $18,400 — a portion inactive successful play astatine the clip of penning astir 12 hours later.

BTC/USD bid publication illustration (Binance). Source: Material Indicators/ Twitter

Figures from on-chain monitoring assets Coinglass meantime tracked large symptom for agelong investors caught retired astatine the incorrect time.

BTC agelong liquidations crossed exchanges totaled $214 cardinal for Nov. 8, portion cross-crypto longs were liquidated to the tune of $670 million.

Combined with shorts, full liquidations for the time were $915 million.

Crypto liquidations chart. Source: Coinglass

"Important weeks ahead"

Analyzing the situation, fashionable crypto commentators were cautious astir calling an extremity to terms turmoil.

Related: Why is Bitcoin terms down today?

“Way excessively soon to cognize however this resolves, but the information we are seeing different exchange-driven liquidity situation astatine this constituent successful the macro operation is truly rather something,” a usually optimistic TechDev tweeted.

“Important weeks ahead.”

Others acknowledged that they themselves had fallen foul of volatility, portion beyond crypto, investigation looked for imaginable metallic linings.

For trading relationship IncomeSharks, weakness successful the U.S. dollar implicit the ongoing midterm elections was a promising motion for hazard assets.

“Looks acceptable to driblet beneath support,” it wrote astir the U.S. dollar scale (DXY) connected the day.

“Stocks looking good. Nasty achromatic swan lawsuit ruined the terms enactment for Crypto but erstwhile that sensation is retired of people's mouths we should spot $BTC and $ETH enactment up a small rally. Once again the contented is not with the assets themselves.”

U.S. dollar scale (DXY) 1-hour candle chart. Source: TradingView

Nov. 10 was already owed to beryllium a volatile day for the week, with U.S. Consumer Price Index (CPI) ostentation information owed for the period of October.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.