A sudden collapse in short time frames for BTC / USD caused panic among investors in long positions. Bitcoin (BTC) wiped out $ 2,000 in five minutes on March 31st. BTC / USD suddenly dropped from $ 59,350 to $ 57,000.
A sudden collapse in short time frames for BTC / USD caused panic among investors in long positions. Bitcoin (BTC) wiped out $ 2,000 in five minutes on March 31st. BTC / USD suddenly dropped from $ 59,350 to $ 57,000.
Famous trader Michaël van de Poppe reacted to a familiar event for Bitcoin in short time frames.
Previously, daily traders’ focus had been on the upside, as news from PayPal pushed BTC just under $ 60,000.
Those who bet on the continuation of the bull run suffered a huge loss on Wednesday. After the fall, their long positions of 600 million dollars were liquidated.
According to the quantitative analyst PlanB, this decrease has been extremely beneficial. According to him, the market got rid of unwanted leverage and helped drive more organic spikes in the future.
Financing rates are increasing rapidly
Meanwhile, the indicators gave reason to believe that further price increases for Bitcoin would require some work.
Funding rates on derivatives platforms rose during the day and rose up to 0.375% in Huobi. This is a classic sign of bearish pressure.
The long-term picture remains more than positive, and analysts point to $ 68,000 and $ 73,000 as the next hurdle to watch.
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