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

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.

Jai Pratap
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.

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