Bitcoin (BTC) nosedived over 3% at the start of Asian trading hours amid a broader stock market rout and weakening sentiment for risk assets such as cryptocurrencies. BTC fell from over $65,500 to nearly $64,000 within minutes at the start of Tokyo trading. The sudden plunge led to over $250 million bullish bets being liquidated, the worst hit since early July. Liquidations occur when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. Such data is beneficial for traders as it serves as a signal of leverage being effectively washed out from popular futures products – acting as a short-term indication of a decline in price volatility.
- 0 replies
- 0 recasts
- 0 reactions
Bitcoin's (BTC) newfound momentum, which has taken it above $60,000, could be part of the anchor that pushes the top cryptocurrency to a new record of $200,000, according to crypto trader TradingShot. The analyst’s analysis is based on a sequence of technical patterns that indicate significant jumps in the Bitcoin rate. Now, according to the calculation, Bitcoin is approaching the top of a four-month bull flag. TradingShot noted that this pattern is part of a larger, longer-term ascending channel pattern. Once BTC breaks the bullish flag, there will be a parabolic breakout to all-time highs.
- 0 replies
- 0 recasts
- 0 reactions
aesthetically beautiful
- 0 replies
- 0 recasts
- 0 reactions