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Bitcoin price hits a 3-week low as the SEC fears liquidating $250 million in crypto longs

Published on

February 10, 2023
Read Time:2 Minute, 33 Second

Bitcoin (BTC) fell into bearish goal zones on Feb. 10 as bulls failed to carry key assist above $22,000.

BTC/USD 1-Day Candlestick Chart (Bitstamp). Supply: TradingView

Crypto wipeout surges as BTC worth loses $22,000

Information from Cointelegraph Markets Professional and trading view confirmed BTC/USD falling to $21,633 on Bitstamp.

The pair reacted poorly to regulatory fears out of the USA however had already seen days of bearish sentiment, with merchants anticipating a retest of $21,000 and even decrease.

On the time of writing, Bitcoin was buying and selling at round $21,800, down round 7% from February up to now.

“Bear market again or can we simply have a slight correction?” Cointelegraph contributor Michaël van de Poppe, founder and CEO of buying and selling agency Eight, queried on that day.

Annotated BTC/USD chart. Supply: Crypto Tony/ Twitter

Some have been busy with brief positions as BTC worth motion has been consistent with expectations, with widespread dealer Crypto Tony eyeing $21,400 as a possible restoration zone ought to extra losses materialise.

“Good revenue is coming in within the close to time period and my subsequent goal is the assist cluster at $21,400. If we see a retest of $22,300, this may very well be your likelihood to leap in after a failed retest,” he stated wrote some feedback subsequent to an explanatory graphic.

Because of this, those that stayed in lengthy positions skilled extreme ache in a single day. In line with information from information supply coin jarLengthy liquidations for Bitcoin alone totaled $64.6 million on Feb. 9.

BTC liquidation chart. Supply: coin jar

As written down from On-Chain Faculty, a contributor to analytics platform CryptoQuant, together with $24.3 million in a single hourly candle -- the best for the reason that FTX crash in early November.

Annotated BTC/USD chart. Supply: On-Chain Faculty/ Twitter

Together with altcoins, February ninth liquidated $254 million in longs.

Analyst Seeks $16,000 Backside 'Affirmation'

Wanting past the fast worth motion, Venturefounder, a CryptoQuant contributor, targeted on whether or not the macro backside for Bitcoin was actually imminent.

Additionally Learn: Arthur Hayes Bets on Bitcoin, Altcoin Surges in H1 2023 as He Buys BTC

If BTC/USD maintained the 200-day shifting common (DMA) close to $20,000 -- and even $19,000 -- as assist, it could argued On that day, this may have a extra important influence on worth motion.

BTC/USD posted two-year lows slightly below $16,000 within the aftermath of FTX, ranges that sparked mass requires a visit to $12,000 on the time.

“A retest of $19k-20k Bitcoin (200DMA zone) could be very applicable right here,” Venturefounder wrote throughout a Twitter thread.

One other publish argued that “holding $19,000-20,000 throughout this correction could be the primary affirmation that $16,000 was the underside of the Bitcoin cycle.”

Annotated BTC/USD chart. Supply: Venturefounder/ Twitter

The views, ideas, and opinions expressed herein are solely these of the authors and don't essentially replicate or symbolize the views and opinions of Cointelegraph.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 10, 2023
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