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Bitcoin drops 5% in an hour as $33 million liquidated on BitMex

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

The price of bitcoin dropped from $8,821 to $8,370 in just one hour. Eearlier, BTC had recovered from low $7,800 to around $8,800 this week. In the past few hours, $33 million in bitcoin have been liquidated alone on BitMex, which might have triggered the fall in the price of leading cryptocurrency.

The price of the leading cryptocurrency abruptly slumped down 5% in a jiffy. Technical analysts have suggested that the drop might have been triggered because of the $33 million bitcoin liquidation that occurred on the margin trading platform BitMex. This fall indicates a short term downtrend for the leading cryptocurrency.

At the time of writing, BTC is changing hands at $8,355. Bitcoin is likely to test lower support levels before it picks up an upward momentum. Earlier this week price of bitcoin spiked over $1000 to make a remarkable recovery after it slumped down to low $7,800.

Crypto analyst Josh Rager tweeted that BTC wants to see price above $8,450, or its likely to break back down. $8,800 is still a key area to break above, he added. Crypto analysts also believe that the launch of Bakkt has also played a significant role in the recent price fluctuation of bitcoin.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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