Bitcoin [BTC] price gets rejected above $10,000 for the third time this year as price fails to make a higher high above $10,500. The drop in price was far to instantaneous for any trader to jump into it.
The price of Bitcoin [BTC] at 16: 00 hours UTC on 2nd June 2020 is $9450.
Difference on BitMEX
The low recorded at Bitstamp was around $9135, whereas, the low at BitMEX was $8600 (primarily caused due to a series of a long squeeze). The swift price action imprinted the Bart and Simpsons pattern on the hourly chart.
The lows recorded elsewhere were in the range of $9350 – $9100, but the difference on BitMEX could have been due to slippage and cascading liquidations. Nevertheless, since the open order on Okex was comparable to BitMEX around $800 million it raises doubts on the design of their trading engine.
The high funding rate and basis before the crash above $10,000 provided ample liquidity for short whale orders to drive down the price. The crash of over 15% in less than two minutes caused close to $100 million long liquidations on BitMEX. Danny Masters, the chairman at CoinShares drew an apt analogy describing the drop,
Trending Stories
#bitcoin
finds the over-leveraged like water finds a crack in the ceiling
finds the over-leveraged like water finds a crack in the ceilingThe markets had primarily taken a bullish outlook prior to the crash. Although the crash was caused due to the extreme liquidity of long orders, the sentiments have now gone haywire. Traders will look form certain outlooks before dipping their toes in high leveraged orders again.
Do you think it is a good time to buy the dip? Please share your views with us.
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- Bitcoin Prices Can Reach This Level By End Of 2022; Reveals Deutsche Bank
- NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
