Bitcoin once fell below $ 8,600, and BitMEX's bitcoin settlement exceeded $ 150 million

According to Bitcoinist, Bitmex, the bitcoin exchange with the largest trading volume, today has a bitcoin settlement value of more than $ 150 million, reaching its highest value to date in 2020. Many liquidation positions are high-leverage long banks that are bullish on Bitcoin in half.

Traders are feeling the huge pain caused by the falling price of Bitcoin. The price of Bitcoin dropped from $ 9,368 to $ 8,580. As of press time, the price of Bitcoin has rebounded to the $ 8,815 level. However, if the price falls below the key support level of $ 8,800, it is likely to enter the downward channel.

150 million US dollars is the largest single-day clearing amount of the BitMEX exchange throughout the year. Many suspect that until the price of bitcoin rose to $ 11,000, big bookmakers suspended games that used high leveraged long positions to easily access funds.

Bitcoin has fallen by 14% in the past three days, which means that prices will adjust before reaching an annual high. If Bitcoin fails to find strong support at $ 8,000, the bullish momentum may disappear and bearish sentiment could pervade the entire market before the halving event.

Bitcoin's $ 8,000 key resistance level is the key to maintaining price stability or a strong rebound. Despite the possibility of a golden cross on the daily line, both the monthly and weekly lines have turned bearish in the long run. This means that this is not just a simple pullback before a strong rebound.

It is unclear whether the current decline is related to the bearish sentiment of global macroeconomic conditions. The S & P 500 also fell by $ 2.1 trillion this week.

Due to the spread of the new coronavirus, many Chinese manufacturers and companies have closed factories for weeks due to the outbreak. Many investors have expressed concern about China's supply chain and manufacturing disruptions, as well as a series of issues such as the payment of workers' wages and social employment.

The global pandemic of the new crown virus is a black swan event, and its negative impact on the world economy has not been accurately estimated. There are also few precedents in the investment market, and perhaps the real impact has not yet begun.

Image source: Pixabay

Author: May

This article is from bitpush.news. Please reprint the source.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Will FTX liquidating $3.4 billion worth of crypto assets become the main culprit behind the market crash?

For FTX's legal team, this week will be a busy one as they seek regulatory approval to liquidate $3.4 billion worth o...

Blockchain

FCoin nearly 13,000 BTC can not be paid, some people report it, some people save themselves

Following the destruction of 720 million tokens and three days and three announcements, FCoin has made new progress. ...

Blockchain

OKEx CEO Jay Open Letter: The decision to launch Jumpstart is really tough

Yesterday, the dust settled. The participation rules of our Utility Token sales platform OK Jumpstart were officially...

Market

FTX's approval for liquidating $3.4 billion worth of tokens this week, what impact will it have on the market?

FTX may obtain court approval for asset liquidation on September 13th. Under the pressure of 3.4 billion sell-off, th...

Blockchain

Research Report | Exchange Industry 2019 Q1 Report

In the first quarter of 2019, the digital clearing exchange industry changed dramatically. After a long bear market i...

Blockchain

ChainNode Live Room | Derivatives track has become an industry consensus. Bitcoin will be up to $ 20,000 in the year?

Since the beginning of this year, the trading platform has frequently acted, causing one after another "destruct...