Home Daily Analysis Crypto Market sentiment $100 Million BitMEX Bitcoin Liquidation Drove its price to $9,500 in...

$100 Million BitMEX Bitcoin Liquidation Drove its price to $9,500 in a 15-minute Spike

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Bitcoin had a large purchase precisely at 00:10 a.m. that drove its price from $9,800 to $10,200. The European morning was uneventful until a huge selling spike drove back the price to $9,500.


According to an Ambcrypto article, the spike was due to a $100 million liquidation on BitMEX creating a 7% drop in the price. This event has created a nasty technical outlook. The triangular pattern broke to the downside, and the recent lows were pierced.  The good news is that the price is, again, in a support area. The bad news is the price below the -1 Bollinger band means that BTC continues in a bearish trend, the Stochastic lines are just beginning to move down and the MACD made a bearish transition. All points to a new visit to the $9,100, its July 17 bottom.

 

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