{"id":417368,"date":"2020-03-08T15:46:37","date_gmt":"2020-03-08T15:46:37","guid":{"rendered":"https:\/\/wncen.com\/?p=417368"},"modified":"2024-06-11T13:43:04","modified_gmt":"2024-06-11T13:43:04","slug":"bitcoin-plunges-to-fresh-lows-under-8400-90-million-in-bitmex-longs-liquidated","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-plunges-to-fresh-lows-under-8400-90-million-in-bitmex-longs-liquidated\/","title":{"rendered":"Bitcoin Plunges to Fresh Lows Under $8,400; $90 Million in BitMEX Longs Liquidated"},"content":{"rendered":"<p>Despite the strength seen earlier this week, Bitcoin started to plunge on Saturday.<\/p>\n<p><a href=\"https:\/\/wncen.com\/2020\/03\/07\/bitcoin-just-printed-darth-maul-candle-9000-heres-what-means-price\/\">After printing a bearish &#8220;Darth Maul&#8221; candle<\/a> that resulted in a crucial reversal at $9,200, the cryptocurrency has trended lower and lower, falling as low as $8,325 just minutes ago as of the time of writing this article. This marks a nearly 10% drop from the local high at $9,200.<\/p>\n<p>This move came in three legs: the first, which brought BTC from $9,200 to $8,900, occurred on Saturday afternoon; the second, which took prices from $8,900 to $8,700, came around midnight; and the biggest and latest one has taken place over the past three hours.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/JDpot672\/\" loading=\"lazy\"><\/p>\n<p>As a result of the latest leg lower, $92 million worth of Bitcoin long positions were <a href=\"https:\/\/twitter.com\/iamjosephyoung\/status\/51570946\" rel=\"nofollow\">liquidated<\/a> on BitMEX. (The two previous legs liquidated $21 million and $18 million in long positions, respectively.)<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Data from <a href=\"https:\/\/t.co\/T3RTVBbJrD\" rel=\"nofollow\">https:\/\/t.co\/T3RTVBbJrD<\/a> shows $92 million worth of bitcoin contracts were liquidated on BitMEX within a single hour, as bitcoin fell from $8,633 to $8,291 in less than 15 minutes. <a href=\"https:\/\/t.co\/VDvFdNH6Qr\" rel=\"nofollow\">pic.twitter.com\/VDvFdNH6Qr<\/a><\/p>\n<p>&mdash; Joseph Young (@iamjosephyoung) <a href=\"https:\/\/twitter.com\/iamjosephyoung\/status\/51570946?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 8, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Analyst Expects Bitcoin to Hold $8,400<\/h2>\n<p>While the momentum seems clearly bearish, analysts are expecting a bounce in the near term. Prominent trader Big Cheds posted a message just minutes ago, stating that BTC has &#8220;his permission&#8221; (half-jokingly) to &#8220;bounce now.&#8221;<\/p>\n<p>Backing this lofty sentiment, he <a href=\"https:\/\/twitter.com\/BigCheds\/status\/23747329\" rel=\"nofollow\">pointed to a chart<\/a> that showed that Bitcoin has found support at $8,400 over three times in the past few weeks.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/pbs.twimg.com\/media\/ESmP7GXWsAABkQv.jpg:large\" width=\"914\" height=\"426\"><\/p>\n<p>Crypto investment consultancy head BurgerCrypto remarked that this drop may be the start of a greater correction, one that will bring it back to the $6,000s in due time. He noted that the recent price action has formed a &#8220;plausible&#8221; head and shoulders pattern on the daily chart for BTC, which is a textbook pattern that is likely to break lower.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Combination of <a href=\"https:\/\/twitter.com\/hashtag\/Corona?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Corona<\/a> FUD and TA makes it a plausible scenario; H&amp;S pattern on the daily chart for <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> which often marks the start of a reversal.<\/p>\n<p>Unsure how all the Corona FUD will affect BTC price. It shouldn&#39;t affect it too much from a theoretical POV, but emotions ey. <a href=\"https:\/\/t.co\/QWkYW7yWHM\" rel=\"nofollow\">pic.twitter.com\/QWkYW7yWHM<\/a><\/p>\n<p>&mdash; Burger (@marcelamdax) <a href=\"https:\/\/twitter.com\/marcelamdax\/status\/56130561?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 8, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Despite the strength seen earlier this week, Bitcoin started to plunge on Saturday. After printing a bearish &#8220;Darth Maul&#8221; candle that resulted in a crucial reversal at $9,200, the cryptocurrency has trended lower and lower, falling as low as $8,325 just minutes ago as of the time of writing this article. This marks a nearly 10% drop from the local high at $9,200. This move came in three legs: the first, which brought BTC from $9,200 to $8,900, occurred on Saturday afternoon; the second, which took prices from $8,900 to $8,700, came around midnight; and the biggest and latest one has taken place over the past three hours. As a result of the latest leg lower, $92 million worth of Bitcoin long positions were liquidated on BitMEX. (The two previous legs liquidated $21 million and $18 million in long positions, respectively.) Data from https:\/\/t.co\/T3RTVBbJrD shows $92 million worth of bitcoin contracts were liquidated on BitMEX within a single hour, as bitcoin fell from $8,633 to $8,291 in less than 15 minutes. pic.twitter.com\/VDvFdNH6Qr &mdash; Joseph Young (@iamjosephyoung) March 8, 2020 Analyst Expects Bitcoin to Hold $8,400 While the momentum seems clearly bearish, analysts are expecting a bounce in the near term. Prominent trader Big Cheds posted a message just minutes ago, stating that BTC has &#8220;his permission&#8221; (half-jokingly) to &#8220;bounce now.&#8221; Backing this lofty sentiment, he pointed to a chart that showed that Bitcoin has found support at $8,400 over three times in the past few weeks. Crypto investment consultancy head BurgerCrypto remarked that this drop may be the start of a greater correction, one that will bring it back to the $6,000s in due time. He noted that the recent price action has formed a &#8220;plausible&#8221; head and shoulders pattern on the daily chart for BTC, which is a textbook pattern that is likely to break lower. Combination of #Corona FUD and TA makes it a plausible scenario; H&amp;S pattern on the daily chart for $BTC which often marks the start of a reversal. Unsure how all the Corona FUD will affect BTC price. It shouldn&#39;t affect it too much from a theoretical POV, but emotions ey. pic.twitter.com\/QWkYW7yWHM &mdash; Burger (@marcelamdax) March 8, 2020 Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":417369,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[679,956,2765,4078],"class_list":["post-417368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin-price","tag-bitmex","tag-liquidation","tag-technical-analysis"],"acf":[],"yoast_head":"\n<title>Bitcoin Plunges to Fresh Lows Under $8,400; $90 Million in BitMEX Longs Liquidated<\/title>\n<meta name=\"description\" content=\"Despite the strength seen earlier this week, Bitcoin started to plunge on Saturday. 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