$25 Million in BitMEX Longs Wiped Out as Bitcoin Crashes Below $9,000
bitcoin price

$25 Million in BitMEX Longs Wiped Out as Bitcoin Crashes Below $9,000

THELOGICALINDIAN - Just canicule ago traders were assured for Bitcoin to breach accomplished 10000 Now the cryptocurrency is trading at 9000 collapsed coast as beasts abort to advance the drive afterwards about eight weeks of gains

While Bitcoin already abiding weakness yesterday, the latest bead lower — which has taken BTC from $9,500 to $9,000 — bent some traders off guard.

According to crypto derivatives abstracts tracker Skew.com, about $25 actor account of continued positions were asleep by BitMEX during this bead lower. Millions added were asleep on added margin-enabled exchanges too, another crypto abstracts sources suggest.

What Comes Next for Bitcoin?

Analysts are currently concise bearish on Bitcoin afterwards the contempo losses.

One banker empiric that BTC is currently “flirting” with accident the average Bollinger Band as abutment for the aboriginal time in a month. BTC abatement beneath this akin in March accepted an over 50% blast aftermost time.

Other top analysts aggregate analogously bearish sentiment, pointing to the accident of added key abutment levels as affidavit for their assertions.

The Signs Were There

Millions were asleep during this move lower, but according to data, the signs of an approaching retracement were bright clear.

As can be apparent in the angel below, the crypto analytics firm, IntoTheBlock empiric bygone that the basal Bitcoin arrangement was “mostly bearish.”

Three out of seven of the firm’s proprietary indicators — including net arrangement growth, ample affairs (patterns of “whale” Bitcoin transactions), and in the money (the advantage of traders) — printed “bearish signals.”

While bearish on-chain fundamentals do not consistently accompany with Bitcoin falling, it corroborates the affect that a declivity may form.

Also, per antecedent letters from Bitcoinist, analytics close The TIE acclaimed that its amusing media affect indicator accomplished the “highest” it has been “since 2017.”

There were a cardinal of occasions in the accomplished back the indicator was about this akin and prices crashed, suggesting the aforementioned was activity to appear again.