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Bitcoin Price Falls Below $17.6K In June As FTX Nerves Liquidate Nearly $1B

Bitcoin (BTC) liquidated $200 million in long positions on November 8 as the BTC price briefly fell to a two-year low.

BTC/USD 1-Hour Candlestick Chart (Bitstamp). Source: TradingView

BTC price sets new two-year low

Data from Cointelegraph Markets Pro and TradingView revealed carnage across crypto price charts as exchange FTX kept sentiment low.

After initially bouncing back over $20,000 on news that the embattled FTX may be bought out by rival Binance, panic returned after Wall Street opened.

BTC/USD lost $2,000 in under two hours, and saw a sudden drop that set a low of $1[ads1]7,120 on Bitstamp.

The last time the pair traded at that level was in late November 2020, meaning Bitcoin managed to break the previous macro lows of $17,600 set in June this year.

BTC/USD 1-week candlestick chart (bitstamp). Source: TradingView

Data from the Binance order book knew the sudden cascade down puncturing solid buying support at $18,000.

At the daily close on November 8, an area of ​​interest for trading volume was around $18,400 – a zone that remains in play at the time of writing almost 12 hours later.

BTC/USD order book chart (Binance). Source: Material Indicators/Twitter

Figures from the chain monitoring resource Coinglass, meanwhile, tracked great pain for long investors caught out at the wrong time.

BTC long liquidations across exchanges totaled $214 million for November 8, while cross-crypto longs were liquidated to the tune of $670 million.

Combined with shorts, total liquidations for the day were $915 million.

Crypto liquidation chart. Source: Coinglass

“Important weeks ahead”

Analyzing the situation, popular crypto commentators were cautious about ending the price turmoil.

Related: Why Is Bitcoin Price Down Today?

“Way too early to know how this will play out, but the fact that we’re seeing another stock market-driven liquidity crisis at this point in the macro structure is really something,” a normally optimistic TechDev tweeted:

“Important weeks ahead.”

Second recognized that they themselves had fallen for volatility, while beyond crypto, the analysis looked for potential silver linings.

For trading account IncomeSharks, the weakness in the US dollar over the ongoing mid-term elections was a promising sign for risk assets.

“Looks ready to fall below support,” it wrote on the US dollar index (DXY) on the day:

“Stocks look good. A nasty Black Swan event ruined the price action for Crypto, but once that taste is out of people’s mouths, we should see $BTC and $ETH rise a bit. Once again, the problem is not with the assets themselves.”

US Dollar Index (DXY) 1 hour candlestick chart. Source: TradingView

November 10 was already going to be an unstable day for the week, with US Consumer Price Index (CPI) inflation data for the month of October.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and trade involves risk, you should do your own research when making a decision.