As Bitcoin price struggles to cross $9,000, over 21MM Longs have been liquidated on leading derivatives exchange, BitMEX in a span of 6 hours. Furthermore, in 24 hours more than 1396 MM Longs and 1449 MM Shorts have been liquidated.
Bitcoin Price Struggles to Cross $9,000
Bitcoin bulls have failed to maintain price levels and about 21MM longs got liquidates in less than 4 hours. While in the present scenario, Bitcoin struggles to cross $9,000, the market sentiment is bullish with December futures contracts selling at $9075 and a high long/short ratio on spot exchanges.
On the 8th of November, Bitcoin dropped below $9,000. On the same day, 1.7 MM shorts and 57 Million longs were liquidated on BitMEX. Furthermore, on the 23rd of October, more than 200MM shorts were liquidated on BitMEX. That day Bitcoin price plummeted by 9% reaching $7,546. Bitcoin then regained the $8000 level a day after ending a short bearish cycle. However, Bitcoin’s price briefly passed $8,300 before tumbling to $7,546.
A look at Bitcoin Price Charts
Bitcoin is looking south after continuous losses and multiple rejections at key price resistance. Furthermore, the Bitcoin has also failed to cross the 3.5-month trendline sloping downwards from the 2019 high of $13,880.
It is likely that Bitcoin price further dips to $7,000 range. If the bulls manage to take control it is likely that Bitcoin will break the $9000 range. Bitcoin price has major support levels at $8,400 and $8000.
While leading crypto moguls have time and gain predicted that Bitcoin price will be in millions. The price charts suggest else wise. It will be interesting to note if the Bitcoin price manages to cross $10,000 before the end of the year. In the present case scenario, Bitcoin price is expected to trade range-bound, until a major event manages to shake its price.
Will Bitcoin bulls take over control? Let us know, what you think in the comments below!