Bitcoin Plunges Below $10,000 as Selling Pressure Mounts: $75m Liquidated
- Bitcoin has continued to plunge after holding above $11,000 on Wednesday.
- The leading cryptocurrency now trades for $10,100 as of this article’s writing, having slipped briefly below $10,000 just minutes ago.
- Millions worth of positions has been liquidated as the leading cryptocurrency has slid lower.
Bitcoin Just Printed a Sub-$10,000 Price
Bitcoin just slipped below $10,000. The leading cryptocurrency only was under that pivotal price point for a moment, but it was something noticed by many traders on Twitter.
This strong leg lower liquidated $75 million worth of long positions on BitMEX alone. This added to the $100 million worth of liquidations that took place earlier today.
Investors are currently in disbelief, attempting to argue that the asset remains above pivotal support levels.
The most important level traders are currently eyeing is the $9,500-9,600 range, where BTC struggled to break past during June and July.
Long-Term Outlook Still Bullish
BTC’s long-term outlook remains bullish, analysts say.
Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, commented in a research report on crypto:
“Bitcoin is mirroring the 2016 return to its previous peak. That was the last time supply was halved, and the third year after a significant peak. Our graphic depicts Bitcoin marking time for a third year following the parabolic 2017 rally… Fast forward four years and the second year after the almost 75% decline in 2018, Bitcoin will approach the record high of about $20,000 this year if it follows 2016’s trend.”
Others think that $20,000 comes this year due to fundamental trends.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TraidingView.com Bitcoin Plunges Below $10,000 as Selling Pressure Mounts