After a long period of consolidation within the lower-$8,000 region, Bitcoin (BTC) has now garnered some decisive momentum and is quickly nearing the lower-$7,000 region, with over $500 in losses being posted within a few minutes.<\/p>\n
Analysts are now noting that this move is emblematic of a \u201clong-squeeze,\u201d which may mean that it is currently oversold and that a relief bounce is imminent.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just under 8% at its current price<\/a> of $7,600, with the price dropping as low as $7,400 on popular margin trading platform BitMEX.<\/p>\n This price crash came about after Bitcoin faced a multi-week period of sideways trading within the lower-$8,000 region, and many analysts had been noting that a significant movement was imminent due to the tight trading range that the crypto was caught within.<\/p>\n It remains somewhat unclear as to what the impetus behind this latest drop was, but one analyst is noting that he believes it could have been a \u201clong-squeeze\u201d that was fueled by the massive amount of over-leveraged longs on BitMEX.<\/p>\n \u201cBitcoin slid by more than 6% in the last 20 minutes. Massive long squeeze – more than $205M in liquidations on BitMEX in the last hour,\u201d Larry Cermak explained in a recent tweet.<\/p><\/blockquote>\n Bitcoin slid by more than 6% in the last 20 minutes. Massive long squeeze – more than $205M in liquidations on BitMEX in the last hour. pic.twitter.com\/F703F9DnEq<\/a><\/p>\n — Larry Cermak (@lawmaster) October 23, 2019<\/a><\/p><\/blockquote>\n\n