{"id":421861,"date":"2020-04-26T04:00:42","date_gmt":"2020-04-26T04:00:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=421861"},"modified":"2024-06-11T13:47:56","modified_gmt":"2024-06-11T13:47:56","slug":"bitcoin-forms-another-dreaded-darth-maul-candle-liquidating-9m-in-shorts","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-forms-another-dreaded-darth-maul-candle-liquidating-9m-in-shorts\/","title":{"rendered":"Bitcoin Forms Another Dreaded \u201cDarth Maul\u201d Candle; Liquidating $9m in Shorts"},"content":{"rendered":"
After firmly securing its position within the mid-$7,000 region, Bitcoin\u2019s bulls and bears have once again reached an impasse. This is clear while looking towards the benchmark crypto\u2019s price action seen earlier today, when it raced to $7,800 before diving to under $7,500.<\/p>\n
This movement formed what is jovially referred to as a \u201cDarth Maul\u201d candle \u2013 a reference to the Star Wars villain who wields a double-sided saber.<\/p>\n
The effects of this movement on traders is quite notable, as it liquidated over $9 million in short positions before throwing the crypto back into its recently established trading range.<\/p>\n
The volatility seen by Bitcoin<\/a> earlier today comes close on the heels of its recent rally from the lower-$7,000 region to highs of $7,800, with the resistance at these highs proving to be insurmountable for bulls.<\/p>\n It doesn\u2019t appear that this resistance has faded in the time since, as this happens to be the price at which the crypto rallied to earlier today before seeing an ultra-swift rejection.<\/p>\n One pseudonymous trader on Twitter spoke about<\/a> this recent price action, explaining that it stopped out traders in both directions before leading the crypto back into its trading range.<\/p>\n \u201cBTC: Stop outs on both sides and back in the range\u2026\u201d<\/p><\/blockquote>\n