Analysis: Bitcoin plunged for a short period of time or with $100 million in bitcoin clearing on BitMEX

According to AMBcrypto, at 18:30 today, Bitcoin fell rapidly in a short period of time. As of press time, Bitcoin was temporarily reported at $9,388, a sharp drop of 7.44%. The market value of Bitcoin was also hit, and it once fell to $168 billion. According to the analysis, the sharp drop in Bitcoin could be attributed to a large-scale burst of Bitcoin worth more than $100 million recorded on BitMEX. In the past six hours, the exchange's bitcoin trading market has been quite active, and Bitcoin has become the main victim. The above plunge also caused the BTC to be below the Fibonacci resistance of 0.382, or $9441, which could be a key turning point in the current trend. If the BTC is consolidating near the $9000 range, or falling below $9, it could mean a bigger decline in the coming weeks.