Bitcoin (BTC) had a bad day yesterday. And it continues to decline. The leading cryptocurrency dropped significantly from 11,300 levels to below 10,500. Many analysts stated that it would not be a problem as long as the 10,500 level was not dropped. Now, everyone has different opinions on what will happen in BTC.
The world’s largest cryptocurrency has dropped by 9% in the past 24 hours to a low that it has not seen in a long time. According to Alex Dovbnya of U.Today, this is the lowest level seen on the Bitstamp exchange since August 2. With this decrease, more than $ 108 million Bitcoin long positions were liquidated on the BitMEX exchange alone.
Another Day of Massacre?
The wild bears managed to accelerate the greedy stock market trajectory on September 2. This is one of the biggest losses Bitcoin has suffered since the end of May. The cryptocurrency leader had dropped from $ 9,800 to $ 8,800 in two days before continuing its upward trend.
BTC had turned its eyes to $ 12,000 the previous day and dropped to levels of 11,100 after a very short-lived relief rally.
According to the data obtained, it seems that Bitcoin futures offered by Chicago-based CME Group have exceeded $ 1.1 billion, indicating that institutional traders are starting to catch short positions.