BTC price returns to $29,000 with a cascade of long liquidations fueling fresh Bitcoin downside.
Bitcoin BTC$27,382 abruptly reversed gains on April 19 as a cascade of long liquidations sent BTC/USD plummeting lower.
The sudden move followed an equally strong rebound above the $30,000 mark the day prior, with bulls ultimately unable to preserve higher levels.
As volatility returned, Bitcoin thus fell to its lowest since April 10 as the upside saw its latest challenge.
“Deep correction on the markets, as Bitcoin can’t hold at $29,700-29,800 and shoots downwards through a cascade of liquidations,“ Michaël van de Poppe, founder and CEO of trading firm Eight, reacted.
BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter
Hours prior, monitoring resource Material Indicators had flagged changing conditions on the Binance order book, arguing that the result could still swing both ways, with either bulls or bears profiting.
Among traders, some participants, such as bullish trader Crypto Kaleo, remained optimistic.
“Remember dips are gifts,” he told Twitter followers, calling the retracement “beautiful” for tagging the range lows.
Longs “squeezed” as liquidations mount
Conditions were ugly for those long BTC, with liquidations stacking up rapidly.
At the time of writing, total crypto long liquidations for April 19 stood at around $175 million on platforms monitored by data resource Coinglass.
These followed a painful day for shorts as BTC/USD returned above $30,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.