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Home / Business / Bitcoin crashes 10% to $ 7,000 after analysts called for a recall

Bitcoin crashes 10% to $ 7,000 after analysts called for a recall



Volatility is back, that's for sure. Over the last 20 minutes, Bitcoin (BTC) has fallen to $ 7,800, resulting in $ 6,600 on Bitstamp. It is rumored that this sale was a result of a massive sales order placed on Bitstamp, evidenced by the fact that during this dump, there has been over $ 500 gaps between the price and what is set on BitMEX, Coinbase, and other major ones exchanges.

At the time of writing, the crypto activity is trading at $ 7,100, and continues to move from minute to minute, causing huge volatility.

This is just confirmed that there have been colossal selling walls seen on Bitstamp, hinting that it is a unit or group of traders, probably based in Asia, who want to suppress the price. In fact, a commentator on Twitter quipped that such a move was catalyzed to try to resemble BitMEX longs, which has accumulated as Bitcoin has held around $ 8,000 for days at the end.

Data would confirm that this feature worked. According to Bitfinex, a popular cryptic "cynic", $ 250 million went into liquidation on the exchange the last hour. In other words, the optimists have just been pummeled.

Analysts have warned Bitcoin Investors

Interestingly, analysts have warned Such a move for days at the end, looks for simple technical to make a clear point. On Thursday, popular analyst Filb Filb discovered that the crypto course market had peaked … for now anyway.

He notes that the long-standing relationship on Bitfinex has been "nuked", dramatically reducing the chances of a short press, which would push Bitcoin higher. Also, bid support (buy support) is decreasing hour-over-hour, the dish that BTC has tracked in recent months is "shaken", and there is reduced volume in this embryonic market, all signs not even soothing.

Filb expects Bitcoin to return to 0.618 (61.8%) Fibonacci retracement at around $ 5,200 which he believes may be the last place to collect BTC, potentially ever. He is not the first to suggest that a drawdown was in-depth.

Josh Olszewicz from Brave New Coin pointed out that Bitcoin's chart screams for a withdrawal to "under $ 7,000". He looks at the fact that the Ichimoku Cloud, a collection of indicators used to distinguish trends, momentum and key levels, shows that BTC is overexposed. And guess what, we reached sub- $ 7000 levels before we quickly jumped higher.

  Featured image from Shutterstock. Charts Courtesy of TradingView. 




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