{"id":528975,"date":"2023-04-27T21:00:46","date_gmt":"2023-04-27T21:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=528975"},"modified":"2024-06-11T10:33:11","modified_gmt":"2024-06-11T10:33:11","slug":"bitcoin-bloodbath-market-volatility-sparks-panic-wipes-out-1-billion-in-open-interest","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bloodbath-market-volatility-sparks-panic-wipes-out-1-billion-in-open-interest\/","title":{"rendered":"Bitcoin Bloodbath: Market Volatility Sparks Panic, Wipes Out $1 Billion In Open Interest"},"content":{"rendered":"

In the last 24 hours, Bitcoin (BTC) has experienced a sharp increase in volatility, with prices fluctuating between $29,000 and $27,000, given the lack of liquidity in the market. This sudden price action has had a significant impact on bulls and bears.<\/span><\/p>\n

However, as of this writing, Bitcoin has managed to recover the $29,000 level, and it remains to be seen if it can continue to recover and consolidate above its key psychological level of $30,000, supporting the continuation of its bull run or if it will be further slumps in the coming days or weeks.<\/span><\/p>\n

Related Reading: Shiba Inu Whales Unload Billions Amid SHIB Price Retreat<\/a><\/div>\n

False Rumors Cause Bitcoin Investors To Liquidate In Droves<\/b><\/h2>\n

According <\/span><\/a>to Satoshi Club, the rumors of the US government and Mt. Gox sales were initially believed to be true, leading to panic selling among Bitcoin traders. However, it was later confirmed that the data was misclassified, and no such sales were taking place.<\/span><\/p>\n

\"Bitcoin
BTC total liquidations. Source: Coinglass.com<\/a><\/figcaption><\/figure>\n

The impact of these rumors on the market was significant, as traders were already on edge due to the high levels of volatility in the market. The news of potential large-scale sales by the US government and Mt. Gox, a now-defunct Bitcoin exchange, only added to the uncertainty and fear among traders.<\/span><\/p>\n

The market panic led to liquidating $300 million worth of positions as of this writing and the wiping out of $1 billion in open interest within 24 hours. This was a significant blow to both long and short traders, as many were forced to exit their positions at a loss.<\/span><\/p>\n

Open interest can impact the price of Bitcoin because it reflects the level of market participation and sentiment. When open interest is high, it suggests greater interest and activity in the market, potentially leading to price movements.<\/span><\/p>\n

However, the market has since recovered, and Bitcoin’s value has risen again. The Funding Rate has returned to around 0.003, indicating that traders are no longer overleveraged, and the open interest has also decreased, indicating a lack of significant activity in the market.<\/span><\/p>\n

Will BTC Reclaim The $30,000 Mark?<\/b><\/h3>\n

Material Indicators, a leading cryptocurrency analytics provider, has <\/span>analyzed <\/span><\/a>the Weekly BTC\/USDT chart, which shows bid liquidity moving up and ask liquidity moving down. According to Material Indicators, when bid and ask liquidity becomes more concentrated around a price point, it dampens volatility, leading to a sideways chop until one side makes a move.<\/span><\/p>\n

Per Material\u2019s analysis, this type of price action differs from what was observed yesterday, as bids and asks were initially moving up, indicating a clear path for a pump. However, as things started getting \u201ctoppy,\u201d asks began dropping down, ultimately dumping into the liquidity void created on the way up.<\/span><\/p>\n

Furthermore, CryptoCon, a leading provider of cryptocurrency analysis, has <\/span>highlighted <\/span><\/a>the recent drop in Bitcoin’s value, which saw a 15% decline. This drop has allowed the Chaikin Money Flow (CMF) indicator to reset slightly, as it nears dangerously close to hitting the Mid-Top .35 line.<\/span><\/p>\n

\"Bitcoin
BTC’s CMF chart. Source: CryptoCon on Twitter.<\/a><\/figcaption><\/figure>\n

The CMF indicator is a technical analysis tool that measures buying and selling pressure in the market. When the CMF is above zero, buying pressure is stronger than selling pressure, and vice versa when it is below zero. The Mid-Top line at .35 represents the halfway point in the cycle for Bitcoin’s true gains.<\/span><\/p>\n

According to CryptoCon, the mid-top cycle for Bitcoin is approaching soon, but it is only half of the “true gains” for Bitcoin in a cycle. This means there is still significant potential for Bitcoin to experience further gains in the market.<\/span><\/p>\n

Related Reading: Filecoin Price Struggles To Move, Will It Surpass The $6 Barrier?<\/a><\/div>\n
\"Bitcoin
BTC is on the verge of breaking the $30,000 line on the 1-day chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Unsplash, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

In the last 24 hours, Bitcoin (BTC) has experienced a sharp increase in volatility, with prices fluctuating between $29,000 and $27,000, given the lack of liquidity in the market. This sudden price action has had a significant impact on bulls and bears. However, as of this writing, Bitcoin has managed to recover the $29,000 level, and it remains to be seen if it can continue to recover and consolidate above its key psychological level of $30,000, supporting the continuation of its bull run or if it will be further slumps in the coming days or weeks. Related Reading: Shiba Inu Whales Unload Billions Amid SHIB Price Retreat False Rumors Cause Bitcoin Investors To Liquidate In Droves According to Satoshi Club, the rumors of the US government and Mt. Gox sales were initially believed to be true, leading to panic selling among Bitcoin traders. However, it was later confirmed that the data was misclassified, and no such sales were taking place. The impact of these rumors on the market was significant, as traders were already on edge due to the high levels of volatility in the market. The news of potential large-scale sales by the US government and Mt. Gox, a now-defunct Bitcoin exchange, only added to the uncertainty and fear among traders. The market panic led to liquidating $300 million worth of positions as of this writing and the wiping out of $1 billion in open interest within 24 hours. This was a significant blow to both long and short traders, as many were forced to exit their positions at a loss. Open interest can impact the price of Bitcoin because it reflects the level of market participation and sentiment. When open interest is high, it suggests greater interest and activity in the market, potentially leading to price movements. However, the market has since recovered, and Bitcoin’s value has risen again. The Funding Rate has returned to around 0.003, indicating that traders are no longer overleveraged, and the open interest has also decreased, indicating a lack of significant activity in the market. Will BTC Reclaim The $30,000 Mark? Material Indicators, a leading cryptocurrency analytics provider, has analyzed the Weekly BTC\/USDT chart, which shows bid liquidity moving up and ask liquidity moving down. According to Material Indicators, when bid and ask liquidity becomes more concentrated around a price point, it dampens volatility, leading to a sideways chop until one side makes a move. Per Material\u2019s analysis, this type of price action differs from what was observed yesterday, as bids and asks were initially moving up, indicating a clear path for a pump. However, as things started getting \u201ctoppy,\u201d asks began dropping down, ultimately dumping into the liquidity void created on the way up. Furthermore, CryptoCon, a leading provider of cryptocurrency analysis, has highlighted the recent drop in Bitcoin’s value, which saw a 15% decline. This drop has allowed the Chaikin Money Flow (CMF) indicator to reset slightly, as it nears dangerously close to hitting the Mid-Top .35 line. The CMF indicator is a technical analysis tool that measures buying and selling pressure in the market. When the CMF is above zero, buying pressure is stronger than selling pressure, and vice versa when it is below zero. The Mid-Top line at .35 represents the halfway point in the cycle for Bitcoin’s true gains. According to CryptoCon, the mid-top cycle for Bitcoin is approaching soon, but it is only half of the “true gains” for Bitcoin in a cycle. This means there is still significant potential for Bitcoin to experience further gains in the market. Related Reading: Filecoin Price Struggles To Move, Will It Surpass The $6 Barrier? Featured image from Unsplash, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":528976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,78790,6664,1558],"class_list":["post-528975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\nBitcoin Bloodbath: Market Volatility Sparks Panic, Wipes Out $1 Billion In Open Interest<\/title>\n<meta name=\"description\" content=\"In the last 24 hours, Bitcoin has experienced a sharp increase in volatility, with prices fluctuating between $29,000 and $27,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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