BTC price dives 3% in minutes as 'deep correction' grips crypto market

Bitcoin (BTC) abruptly reversed gains connected April 19 arsenic a cascade of agelong liquidations sent BTC/USD plummeting lower.

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

Bitcoin sees "beautiful" retracement

Data from Cointelegraph Markets Pro and TradingView followed the brace arsenic it made lows of $29,015 connected Bitstamp. 

The abrupt determination followed an equally beardown rebound supra the $30,000 people the time prior, with bulls yet incapable to sphere higher levels.

As volatility returned, Bitcoin frankincense fell to its lowest since April 10 arsenic upside saw its latest challenge.

"Deep correction connected the markets, arsenic Bitcoin can't clasp astatine $29,700-29,800 and shoots downwards done a cascade of liquidations," Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, reacted.

BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter

Hours prior, monitoring assets Material Indicators had flagged changing conditions connected the Binance bid book, arguing that the effect could inactive plaything some ways, with either bulls oregon bears profiting.

Long day. Time to get immoderate slumber and recharge for tomorrow. Going to permission you with 1 much #FireChart which shows bids successful the $28k - $29k scope continuing to determination up toward the progressive trading range. Watching to spot if bids replenish capable to instrumentality different changeable astatine $31k oregon become… pic.twitter.com/ixwP1Affx9

Among traders, immoderate participants, specified arsenic bullish trader Crypto Kaleo, remained optimistic.

"Remember dips are gifts," helium told Twitter followers, calling the retracement "beautiful" for tagging the scope lows.

Longs "squeezed" arsenic liquidations mount

Conditions were nevertheless disfigured for those agelong BTC, with liquidations stacking up rapidly.

Related: BTC terms heading nether $30K? 5 things to cognize successful Bitcoin this week

At the clip of writing, full crypto agelong liquidations for April 19 stood astatine astir $175 cardinal connected platforms monitored by information assets Coinglass.

Crypto liquidations chart. Source: Coinglass

These followed a achy time for shorts arsenic BTC/USD returned supra $30,000.

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