You have already noticed that Bitcoin showed another nice dump. Reached a new low at $ 8500. Currently he has returned a few hundred, but the current week can still be described as the biggest weekly slump this year.
Â
We are currently only in the correction phase and it should be added that this correction is particularly fast. On the daily chart you can see three tall red candles in a row, confirming the reversal of the daily trend (reversed three white soldiers formation).
Â
Â
What caused this slump? Well… I keep say that this is a healthy market reaction to the previous uptrend. So far nothing special is happening.
Â
Liquidation of longs accelerates the fall
Â
Bitcoin dumps. Erased nearly $ 1,500 in three days. What caused it? The lion’s share of how fast we are falling now is due to the liquidation of long positions – mostly on BitMEX. $ 150 million long positions were liquidated on BitMEX. That really waved with the market. But today we are still holding. Perhaps now there could be a smaller retracement of this slump.
- Tough Blow for Bitcoin: No US Interest Rate Cuts Anytime Soon - February 5, 2025
- Texas Governor: Establishing a Bitcoin Reserve is a Top Priority for 2025 - January 30, 2025
- Ross Ulbricht Released After 12 Years with a Crypto Wallet Worth $47 Million - January 24, 2025