Bitcoin [BTC] Slumps to $8700; $57 Million Longs Liquidated on BitMEX

By Supriya Saxena
Published November 8, 2019 Updated November 8, 2019
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Bitcoin [BTC] Slumps to $8700; $57 Million Longs Liquidated on BitMEX

By Supriya Saxena
Published November 8, 2019 Updated November 8, 2019

Bitcoin price is once again below the $9000 level. After a period of relative stability, the BTC price is once again at crossroads.

Bitcoin Price Struggles to Stay Afloat

Stocks took a hit last Friday as trade tensions owing to the US-China trade deal continue to prevail. While the Dow Jones Industrial Average(DJIA) fell by 1% reaching 26,666 points, S&P Futures fell down to 3,085 points. Interestingly, stock prices have always indirectly affected the Bitcoin price. However, this time the case looks a bit different. First, BTC price came down to $9,200 mark and then went on to slide past the $9000 level and is presently trading at $8,802.
Source: Coinstats

While the prices are down, it has also raised expectations of an upcoming bull rally. However, BTC revisited the $9,500 level only for a brief period of time. Subsequently, even the bitcoin fear and greed index fell from 54 points to 42 points, returning into “fear” territory.

Furthermore, it is being predicted that Bitcoin faces another set of losses and the sudden spike above $10,000 was a temporary price rise. As a matter of fact, the Bitcoin price still holds the ability to rally by $1000 in a day. Presently, the chances of Bitcoin staying above $9,000 look bleak. Moreover, crypto exchanges are also facing significant selling pressure. The buying pressures are not that enough to push Bitcoin price any further.

$57 Million Longs Liquidated on BitMEX

Furthermore, 1.7 MM shorts and 57 Million longs have been liquidated on BitMEX platform, as per data provided by

Source- Datamish

While the exact cause of this sudden price drop remains undisclosed. It is also likely that the price drop was due to whale price movements. It has been time and again contested that if whales actually affect prices. However, owing to Bitcoin’s relatively short history and erratic trading patterns, it is not a false supposition that whales do impact Bitcoin prices to a larger extent.

Will Bitcoin’s price fall further? Let us know, what you think in the comments below!


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Supriya Saxena
216 Articles
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]

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