Bitcoin plunges more than $ 500 in 20 minutes, settling $ 28 million on BitMEX Longs

It seems that good things don't last forever. After rising 20% ​​from the lows at $ 10,000, Bitcoin sank $ 500 in 20 minutes this hour, dropping from ~ $ 9,750 to $ 9,200 in this short period.

This was an 8% reversal from the highs of ~ $ 10,000 on Thursday's trading session.

Few expected such a drop.

After surpassing the past resistance level past the resistance level of $ 8,000 and $ 9,000, analysts were confident that BTC was ready to enter another full uptrend. But this fall cancels this feeling, at least for the moment.

According to data shared by Skew.com, a crypto derivatives platform, burned about $ 28 million in long BitMEX positions during this move. This occurs after smaller settlement episodes of $ 1 million to $ 10 million an hour in the past two days as Bitcoin recovered.

What do Bitcoin analysts think?

Since this movement occurred just a few minutes ago, few analysts have reacted to this movement.

But other analysts have recently made comments that are still current.

A prominent cryptocurrency analyst recently said:

“There is still no break in the market structure according to my 1D rules. It closes below $ 8,529 and the 1D lags are lower and the first target is $ 7.8k. Back above $ 9.5k and I'm looking for new highs> $ 10.5k ", analyst sharing referring to the table below.

What they say is that if Bitcoin can hold $ 9500 in a remarkable period of time (the daily chart +) after dumping $ 500, the structure of the cryptocurrency bull market remains intact.

In addition, analysts are confident that Bitcoin's long-term prospects remain optimistic.

According to previous NewsBTC reports, an analyst shared that the cryptocurrency appears "clear for takeoff".

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