Home Latest News Bitcoin price dips under $17.6K June low as FTX nerves liquidate …...

Bitcoin price dips under $17.6K June low as FTX nerves liquidate … – Cointelegraph

BTC price pressure sees sellers take out existing two-year macro lows, but optimism over a relief “pump” is building.
Bitcoin (BTC) liquidated $200 million of long positions on Nov. 8 as BTC price briefly tumbled to two-year lows.
Data from Cointelegraph Markets Pro and TradingView revealed carnage across crypto price charts as exchange FTX kept the mood low.
After initially rebounding over $20,000 on news that the embattled FTX might be bought out by competitor Binance, panic returned after the Wall Street open.
BTC/USD lost $2,000 in under two hours, seeing a sudden plunge that set a low of $17,120 on Bitstamp.
The last time the pair traded at that level was in late November 2020, meaning Bitcoin managed to beat the previous macro lows of $17,600 set in June this year.
Data from the Binance order book showed the sudden cascade downward puncturing solid buy support at $18,000.
At the Nov. 8 daily close, an area of interest for trade volume was around $18,400 — a zone still in play at the time of writing nearly 12 hours later.
Figures from on-chain monitoring resource Coinglass, meanwhile, tracked major pain for long investors caught out at the wrong time.
BTC long liquidations across exchanges totaled $214 million for Nov. 8, while cross-crypto longs were liquidated to the tune of $670 million.
Combined with shorts, total liquidations for the day were $915 million.
Analyzing the situation, popular crypto commentators were cautious about calling an end to price turmoil.
Related: Why is Bitcoin price down today?
“Way too soon to know how this resolves, but the fact we are seeing another exchange-driven liquidity crisis at this point in the macro structure is really quite something,” a normally optimistic TechDev tweeted:
Others acknowledged that they themselves had fallen foul of volatility, while beyond crypto, the analysis looked for potential silver linings.
For trading account IncomeSharks, weakness in the United States dollar over the ongoing midterm elections was a promising sign for risk assets.
“Looks ready to drop below support,” it wrote about the U.S. dollar index (DXY) on the day:
Nov. 10 was already due to be a volatile day for the week, with U.S. Consumer Price Index (CPI) inflation data due for the month of October.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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