The price of bitcoin fell six percent from $ 9.060 to $ 8.505 on major crypto exchanges, including Binance, in just five minutes. It is the biggest drop in terms of time to decrease the percentage ratio at least in the last two months.
The biggest catalyst for the steep fall in the price of bitcoin within minutes is most likely the liquidation of overlevered longs. The price of bitcoin surged 24 percent in the past 13 days, and technical analysts anticipated a rapid pullback before the recovery can continue.
A quick sell-off of large over-leveraged longs likely triggered a domino effect, causing other longs to stop or sell off.
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It was probably less than $ 108 Million
When longs are hunted as the price drops, it forces long buyers to sell on the market, adding even more selling pressure to the market.
According to DataMish.com, more than $ 108 million in long contracts settled on BitMEX alone. If Binance, BitMEX, Deribit, and other top crypto margin trading platforms are considered, the amount would far exceed the $ 108 million figure.
However, it does not mean that $ 108 million has been settled. BitMEX, Binance and others offer 100x leverage. Therefore, the actual amount of liquidated funds is likely to be in the range of $ 10 million to $ 20 million. Short-term price movements in the crypto market are mainly due to short-term or long-term liquidations that cause extreme volatility.
What can we expect from the price in the coming days
As noted cryptocurrency traders said, there were large buy orders in the range of $ 8 to $ 600 on Binance. Before the crash, traders were weary of Bitcoin's sharp rise from the first week of January without any significant correction.
The six percent decline would mark the first major pullback that BTC has seen in the last two weeks. The $ 8,600 support level, as emphasized by various technical analysts, remained relatively strong at BitMEX. There is a high probability that the move down is simply a pullback to hunt over-leveraged longs in the short term. If that's the case, it would provide BTC with a stronger base to scale to higher resistance levels.
But it is also worth noting that Bitcoin is currently at a critical point that could decide its price trend during the first half of 2020.
