{"id":424982,"date":"2020-05-24T23:50:24","date_gmt":"2020-05-24T23:50:24","guid":{"rendered":"https:\/\/uniquehot.com\/?p=424982"},"modified":"2024-06-11T13:49:15","modified_gmt":"2024-06-11T13:49:15","slug":"nearly-20-million-of-bitmex-longs-liquidated-as-bitcoin-tumbles-below-8800","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/nearly-20-million-of-bitmex-longs-liquidated-as-bitcoin-tumbles-below-8800\/","title":{"rendered":"Nearly $20 Million of BitMEX Longs Liquidated As Bitcoin Tumbles Below $8,800"},"content":{"rendered":"<p><a href=\"https:\/\/uniquehot.com\/2020\/05\/24\/why-analysts-expect-a-deep-retracement-after-bitcoin-just-fell-below-9000\/\">Since NewsBTC&#8217;s last market update,<\/a> the Bitcoin market has continued to flash signs of weakness.<\/p>\n<p>After managing to temporarily reclaim $9,000, the cryptocurrency started to plunge just minutes ago, falling as low as $8,675 \u2014 4% lower than where BTC started the day and about 15% below the May highs.<\/p>\n<figure style=\"width: 804px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/1HyF1CIG\/\" alt=\"\" width=\"804\" height=\"452\"><figcaption class=\"wp-caption-text\">Bitcoin price chart from TradingView.com<\/figcaption><\/figure>\n<p>This latest leg lower has resulted in a liquidation event on margin-enabled exchanges, with this rapid drop catching most traders off guard.<\/p>\n<p><a href=\"https:\/\/analytics.skew.com\/dashboard\/bitcoin-futures\" rel=\"nofollow\">According to Skew.com<\/a> \u2014 a website tracking crypto derivatives \u2014 just shy of $20 million worth of long positions have been liquidated over the past hour, adding to the millions more liquidated earlier today.<\/p>\n<h2><strong>May Get Worse for Bitcoin Bulls<\/strong><\/h2>\n<p>Unfortunately, Bitcoin is prepared to fall even lower after this move, analysts say.<\/p>\n<p>One prominent trader shared the chart below, which shows that Bitcoin&#8217;s weekly chart is printing a textbook &#8220;tweezers&#8221; top on the weekly chart, marked by two similar candles in succession. Add a rejection at a key resistance level, $10,000, and the cryptocurrency is purportedly primed to move lower.<\/p>\n<figure style=\"width: 796px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/pbs.twimg.com\/media\/EY0gcRrXYAYeGYQ.png:large\" alt=\"\" width=\"796\" height=\"373\"><figcaption class=\"wp-caption-text\">Chart from trader &#8220;Chonis&#8221; (@BigChonis on Twitter).<\/figcaption><\/figure>\n<p>Also bearish are on-chain signals.<\/p>\n<p>Five of seven of IntoTheBlock&#8217;s primary market signals \u2014 Smart Price, Net Network Growth, In The Money, Bid-Ask Volume Imbalance, and Large Transactions \u2014 are currently in \u201cbearish&#8221; territory.<\/p>\n<h2><strong>Fundamental Factors Still Favor Bulls<\/strong><\/h2>\n<p>Even still, the fundamentals purportedly favor Bitcoin bulls in spite of the recent drop.<\/p>\n<p>For one, <a href=\"https:\/\/uniquehot.com\/2020\/05\/24\/the-chinese-yuan-is-falling-once-again-and-thats-key-for-the-bitcoin-bull-case\/\">the Chinese yuan has recently begun to underperform the U.S. dollar once again.<\/a> The foreign currency is falling lower after President Trump remarked that he and Washington would react &#8220;very strongly&#8221; to new mainland Chinese government proposals about Hong Kong.<\/p>\n<p>Analysts say that this could be a boost to Bitcoin.\u00a0Chris Burniske, a partner at Placeholder Capital, explained:<\/p>\n<blockquote><p>\u201cIf China\u2019s CNY continues to weaken against USD, then we could have a 2015 and 2016 repeat, where BTC strength coincided with yuan weakness.\u201d<\/p><\/blockquote>\n<p>Adding to this, <a href=\"https:\/\/twitter.com\/mikemcglone11\/status\/14668032\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"noopener follow nofollow\">Mike McGlone<\/a> \u2014 senior commodities strategist at Bloomberg Intelligence \u2014 noted that there is growth in the number of active Bitcoin addresses and in the futures market. This suggests growing retail and institutional adoption of cryptocurrency.<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Since NewsBTC&#8217;s last market update, the Bitcoin market has continued to flash signs of weakness. After managing to temporarily reclaim $9,000, the cryptocurrency started to plunge just minutes ago, falling as low as $8,675 \u2014 4% lower than where BTC started the day and about 15% below the May highs. This latest leg lower has resulted in a liquidation event on margin-enabled exchanges, with this rapid drop catching most traders off guard. According to Skew.com \u2014 a website tracking crypto derivatives \u2014 just shy of $20 million worth of long positions have been liquidated over the past hour, adding to the millions more liquidated earlier today. May Get Worse for Bitcoin Bulls Unfortunately, Bitcoin is prepared to fall even lower after this move, analysts say. One prominent trader shared the chart below, which shows that Bitcoin&#8217;s weekly chart is printing a textbook &#8220;tweezers&#8221; top on the weekly chart, marked by two similar candles in succession. Add a rejection at a key resistance level, $10,000, and the cryptocurrency is purportedly primed to move lower. Also bearish are on-chain signals. Five of seven of IntoTheBlock&#8217;s primary market signals \u2014 Smart Price, Net Network Growth, In The Money, Bid-Ask Volume Imbalance, and Large Transactions \u2014 are currently in \u201cbearish&#8221; territory. Fundamental Factors Still Favor Bulls Even still, the fundamentals purportedly favor Bitcoin bulls in spite of the recent drop. For one, the Chinese yuan has recently begun to underperform the U.S. dollar once again. The foreign currency is falling lower after President Trump remarked that he and Washington would react &#8220;very strongly&#8221; to new mainland Chinese government proposals about Hong Kong. Analysts say that this could be a boost to Bitcoin.\u00a0Chris Burniske, a partner at Placeholder Capital, explained: \u201cIf China\u2019s CNY continues to weaken against USD, then we could have a 2015 and 2016 repeat, where BTC strength coincided with yuan weakness.\u201d Adding to this, Mike McGlone \u2014 senior commodities strategist at Bloomberg Intelligence \u2014 noted that there is growth in the number of active Bitcoin addresses and in the futures market. This suggests growing retail and institutional adoption of cryptocurrency. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":415284,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[679,1144,78790,4078,76835],"class_list":["post-424982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-technical-analysis","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Nearly $20 Million of BitMEX Longs Liquidated As Bitcoin Tumbles Below $8,800<\/title>\n<meta name=\"description\" content=\"Since NewsBTC&#039;s last market update, the Bitcoin market has continued to flash signs of weakness. 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After managing to temporarily reclaim $9,000, the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/nearly-20-million-of-bitmex-longs-liquidated-as-bitcoin-tumbles-below-8800\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-24T23:50:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:49:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/02\/shutterstock_1130504606-scaled.jpg?fit=2560%2C1709\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1709\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nick Chong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Chong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/nearly-20-million-of-bitmex-longs-liquidated-as-bitcoin-tumbles-below-8800\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/nearly-20-million-of-bitmex-longs-liquidated-as-bitcoin-tumbles-below-8800\/\"},\"author\":{\"name\":\"Nick Chong\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/4c1114650d72d49c455452d2ce5c981a\"},\"headline\":\"Nearly $20 Million of BitMEX Longs Liquidated As Bitcoin Tumbles Below $8,800\",\"datePublished\":\"2020-05-24T23:50:24+00:00\",\"dateModified\":\"2024-06-11T13:49:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/nearly-20-million-of-bitmex-longs-liquidated-as-bitcoin-tumbles-below-8800\/\"},\"wordCount\":375,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/nearly-20-million-of-bitmex-longs-liquidated-as-bitcoin-tumbles-below-8800\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/02\/shutterstock_1130504606-scaled.jpg?fit=2560%2C1709\",\"keywords\":[\"bitcoin price\",\"btcusd\",\"BTCUSDT\",\"technical analysis\",\"xbtusd\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/uniquehot.com\/news\/nearly-20-million-of-bitmex-longs-liquidated-as-bitcoin-tumbles-below-8800\/#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/uniquehot.com\/news\/nearly-20-million-of-bitmex-longs-liquidated-as-bitcoin-tumbles-below-8800\/\",\"url\":\"https:\/\/uniquehot.com\/news\/nearly-20-million-of-bitmex-longs-liquidated-as-bitcoin-tumbles-below-8800\/\",\"name\":\"Nearly $20 Million of BitMEX Longs Liquidated As Bitcoin Tumbles Below $8,800\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/nearly-20-million-of-bitmex-longs-liquidated-as-bitcoin-tumbles-below-8800\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/nearly-20-million-of-bitmex-longs-liquidated-as-bitcoin-tumbles-below-8800\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/02\/shutterstock_1130504606-scaled.jpg?fit=2560%2C1709\",\"datePublished\":\"2020-05-24T23:50:24+00:00\",\"dateModified\":\"2024-06-11T13:49:15+00:00\",\"description\":\"Since NewsBTC's last market update, the Bitcoin market has continued to flash signs of weakness. 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