Bitcoin has fallen off a cliff to $8000

By
Tokeneo
-
1 min reading

Bitcoin has fallen from the abyss today, since the daily closure. The most popular cryptocurrency fell from $9,800 on which spent most of the weekend to $8,000, a fall of over 15%. BTC broke the support level as if it didn't exist at all.

bitcoin price falling

BitMEX long positions liquidated

According to Skew.com, more than $200 million of long-term BitMEX positions disappeared within 25 minutes. This is the biggest drop since March 12th, when the price of bitcoin fell sharply from $7700 to $3700 in just 24 hours.

This indicates that the longs were overleveraged, presumably because the rally was expected to increase to $10,000 this week.

Coinbase temporarily went down

It seems that the recent fluctuation of Bitcoin's prices caused a short break in the popular American crypto exchange Coinbase. Hashtag #Coinbase was a trend on twitter, and users were uploading screenshots from the exchange with a 502 error.

Coinbase met a similar crash last week, when Bitcoin grew 15% to $8,900. Other American exchanges, such as Kraken and Binance, operated normally at that time.

It remains to be seen whether Bitcoin's halving will cause another massive sale. Popular analysts such as Willy Woo believe that after halving, price trends will be less influenced by miners who will cease to be the biggest sellers of Bitcoin.

From a technical point of view, a daily low price of about $8,000 is where the 200-day moving average (light green light in the following day chart) is located. Despite the collapse, Bitcoin started 2020 with a price of about $7,200 and is still almost 20% higher.bitcoin chart