Just 24 hours ago, Bitcoin surged above $10,000 for the first time in weeks in a move that shocked the market. During the rally, over $100 million worth of short positions were liquidated as the asset jumped nearly $1,000 higher within an hour.
But just as fast as BTC has rallied, it has reversed.
As reported by Bitcoinist previously, the asset was hit with a barrage of sell orders that took the asset as low as $8,600 on BitMEX. The sell orders took Bitcoin more than $1,500 down in three minutes, liquidating another $100 million in derivatives positions in the process.
Image from Skew.com showing the value of BitMEX liquidations over the past few days.
Bitcoin Uptrend Still Intact, Analyst Says
Bitcoin’s drop today was devastating for bulls. The cryptocurrency fell back below the $10,000 psychological support, while the bullish…
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