16.23 MM Shorts were recently liquidated on the BitMEX platform and Bitcoin[BTC] price has fallen down below $8,700. Interestingly, the price drop comes despite high open interest.
Bitcoin’s Market Cap Down by $18 Billion
After trading above $8,700 levels for a few days, the Bitcoin price has crashed yet another 1% today. At press time, Bitcoin is trading at $8683. Furthermore, Bitcoin’s market cap is down by $13 Billion since the 4th of November.
Bitcoin[BTC] Slips Below Major Support Levels, 16.23 MM Shorts Liquidated On BitMEX
Bitcoin[BTC] has failed to reach $9,000 and has slipped below its major support of $8,700. It has shown major fluctuations since the past month. In the last week of October, Bitcoin jumped a whopping 42% and went on to reach $9,500 levels. While Bitcoin[BTC] started the month on a good note, it has lost almost 15% valuation in two weeks. Furthermore, as per data provided by datamish.com 16.23 MM shorts have been liquidated on BitMEX.
As reported by Coingape on the 12th of November, 21MM Longs were liquidated on leading derivatives exchange, BitMEX. On the 8th of November, Bitcoin dropped below $9,000. The same day saw 1.7 MM shorts and 57 Million longs being liquidated on BitMEX. Furthermore, on the 23rd of October, more than 200MM shorts were liquidated on BitMEX. That day Bitcoin[BTC] price plummeted by 9% reaching $7,546.
Is Bitcoin[BTC] Gaining Bullish Momentum?
Despite the lack of buying pressure, Bitcoin’s open interest is hinting at a future bullish price trend. Mr. Anderson, a cryptocurrency analyst on Twitter, said that Bitcoin[BTC] is gaining bullish momentum.
Considering the price charts, it will be interesting to note if the Bitcoin[BTC] price manages to cross $10,000 before the end of the year. If the bulls fail to take charge, a further price drop is likely and it is possible that Bitcoin slips below $8,500.
Will Bitcoin[BTC] fall further or are there any chances of bullish reversal? Let us know, what you think in the comments below!
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Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.