Bitcoin price taps 3-week lows as SEC fears liquidate $250M of crypto longs

1 year ago

Bitcoin (BTC) fell to bearish people zones connected Feb. 10 arsenic bulls failed to clasp important enactment supra $22,000.

Crypto wipeout mounts arsenic BTC terms loses $22,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to $21,633 connected Bitstamp.

The brace reacted severely to regulatory fears from the United States, but had already faced days of bearish sentiment, with traders expecting a retest of $21,000 oregon adjacent lower.

At the clip of writing, Bitcoin traded astatine astir $21,800, down astir 7% successful February truthful far.

“Bear marketplace backmost oregon are we conscionable having a flimsy correction?” Cointelegraph contributor Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, queried connected the day.

Some were engaged with abbreviated positions arsenic BTC terms enactment conformed to expectations, with fashionable trader Crypto Tony eyeing $21,400 arsenic a imaginable bounce portion should losses proceed to materialize.

“Profit coming successful bully connected the abbreviated and my adjacent people is the enactment clump astatine $21,400. If we spot a retest of $22,300 past this could beryllium your accidental to get in, upon a failed retest,” helium wrote successful portion of commentary alongside an explanatory chart.

Those remaining successful agelong positions frankincense felt aggravated symptom overnight. According to information from information assets Coinglass, agelong liquidations for Bitcoin unsocial totaled $64.6 cardinal for Feb. 9.

As noted by On-Chain College, a contributor astatine analytics level CryptoQuant, these included $24.3 cardinal successful a azygous hourly candle — the astir since the FTX clang successful aboriginal November.

Including altcoins, Feb. 9 liquidated $254 cardinal successful longs.

Analyst looks for $16,000 bottommost "confirmation"

Looking beyond contiguous terms performance, meanwhile, chap CryptoQuant contributor Venturefounder focused connected whether the macro bottommost was truly successful for Bitcoin.

If BTC/USD were to sphere the 200-day moving mean (DMA) adjacent $20,000 — oregon adjacent $19,000 — arsenic support, helium argued connected the day, it whitethorn beryllium much important implications for terms action.

BTC/USD saw two-year lows conscionable nether $16,000 successful the FTX aftermath, levels which astatine the clip sparked wide calls for a trip to $12,000.

"A retest of $19-$20k Bitcoin (200DMA zone) would beryllium precise due here," Venturefounder wrote during a Twitter thread.

A further station argued that "Holding the $19-20k during this correction would beryllium the archetypal confirmation that $16k was the Bitcoin rhythm bottom."

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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