- Bitcoin rebounds from $9,600 support but it still has a long way to go before hitting $10,000.
- Bitcoin investors lose faith in Bitcoin recovery as 150 million longs are liquidated on BitMEX.
Bitcoin pierced through $10,000 support area in fresh weekly declines. The drop extended to lows around $9,600. However, a minor recovery has pushed Bitcoin above $9,800. In spite of the recovery, BTC is facing a 2.87% lower correction on the day. Moreover, the prevailing trend is strongly bearish.
Meanwhile, the leading derivatives trading platform in the crypto market BitMEX has seen a massive long position liquation. Josh Olszewicz, a Twitter user with a huge following highlighted the 150 million longs liquidation using a graph.
The liquidation is likely to have been triggered by the failure for Bitcoin to sustained growth when $10,400 was tasted. Besides, these are likely positions entered when Bitcoin recently dived below $10,000.
Alternative data monitoring platform datamish.com shows 102.4 million of longs having liquidated on BitMEX. At the same time, 105,000 of shorts having liquidated in the same period.
Read more: Bitcoin price update: BTC/USD dives below Bollinger Band levels as $10,000 is pierced