Bitcoin, which hovered above $ 9,500 in the morning hours today, has recently dropped to $ 8,900.
Bitcoin price started to drop rapidly around 17:00 today. Bitcoin price, which was slightly above $ 9,300, fell below $ 9,000 in just one hour.
Cryptocurrency analysts like Scott Melker said that uncertainty prevailed in the market today and emphasized that it is unclear in which direction Bitcoin will move.
I don’t see myself taking a meaningful trading (investments always intact) position in $BTC for the time being.
— The Wolf Of All Streets (@scottmelker) May 21, 2020
The downward movement of Bitcoin after this uncertainty affected especially the futures traders. According to Datamish data, a long position of 20 million dollars was liquidated in just 1 hour in BitMEX.
After the price of Bitcoin fell to the level of 8 thousand 900 dollars, it reached the level of 9 thousand 100 dollars. But as Wolfe puts it, danger bells continue to ring for Bitcoin.
Meanwhile, Crypto Michael draws attention to how important the $ 9 thousand level is for Bitcoin. According to his views, if Bitcoin goes below this level, the next target will be the region of 8 thousand 200-8 thousand 500 dollars.
Testing the support level here (might wick to $9,100), after breaking below the rising wedge structure.
Holding here and we can test the range highs again.
If Bitcoin can't, I'm assuming the $8,200-8,500 level to be tested as support next. pic.twitter.com/HjXnGNThqp
— Crypto Michaël (@CryptoMichNL) May 21, 2020