And nothing happened. There was no special news reason – should the negative consumer inflation in the UK (10.1% against the expected 9.8%) not be considered as such?
According to the Cryptocurrency Screener Cryptovizorwhich determines the price of BTC/USD based on the results of trading on spot exchanges, the bitcoin rate fell by more than $1,200 within half an hour and dropped to a low of $28,853.
Trader Skew informed tweeted that the dump was triggered by selling 15,000 BTC on the Binance spot exchange on the market.
At the same time, it became known that an unknown whale sent 300 thousand ETH to the Coinbase exchange (150 thousand plus 150 thousand).
Head of trading firm Eight Michael van de Poppe (Michaël van de Poppe) statedthat the loss of support in the $29,700-29,800 area led to a cascade of long liquidations. According to Coinglassthe volume of these liquidations reached $175 million.
WITH points of view analytics, two levels are critical at the moment:
- $29,300, the breakdown of which will lead to the liquidation of short positions;
- $29,700, the overcoming of which will mean the return of the price to the previous range.
As is clear from the context, Van de Poppe does not count on further price cuts; moreover, he recommends buy altcoins at current levels.
The “frivolity” of the Bitcoin correction is indicated by such an important fundamental indicator as the activity of miners. According to the resource MiningPoolStats, on April 18, the hash rate reached its all-time high of 418 exahashes per second (EH/s). According to btc.comApril 20, the complexity of mining in the Bitcoin network will increase by 2.1% and reach 48.91 trillion.
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