Bitcoin price has been trying hard to reach to the key resistance level of $10,500, but all the efforts by the bulls failed yesterday as the price came crashing down towards the support levels of $9,700. This drop was not handled well by BitMEX.
150m in long liqs just on bmex alone pic.twitter.com/B0PbDDLHfM
— Josh Olszewicz (@CarpeNoctom) September 19, 2019
As soon as the price touched the below $10,000 mark, this sudden drop triggered a series of longs liquidation on BitMEX which resulted in the liquidation of $150 million. A Twitter bot for BitMEX, REKT announced about the BitMEX liquidation and how some traders even lost around $100,000 after the price move.
Liquidated long on XBTUSD: Sell 10,000,000 @ 9760 🏅🏆💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯💯 ~ hide your kids, hide your wife, cause they’re liquidatin’ everybody out here
— REKT (@BXRekt) September 19, 2019
This liquidation came right after BitMEX CEO Arthur Hayes said that Bitcoin would rally towards $20,000 soon. He made the prediction after the U.S. Federal Reserve pumped in $53 billion as extra cash.
Bitcoin is facing a downward correction this week as the price continues to decline. There can be certain reasons involved in the downfall of the Bitcoin price. Here are the 5 reasons why the Bitcoin price might crash soon.