RATE Group | Bitcoin (BTC) resumes the decline, $7,400 gives way
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Bitcoin (BTC) resumes the decline, $7,400 gives way

24 Oct Bitcoin (BTC) resumes the decline, $7,400 gives way

Posted at 07:45h in Bitcoin News by

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  • Bitcoin may be vulnerable to massive losses if $7,400 is sustainably broken.
  • Crypto whales positioning may be responsible for the sell-off.

Bitcoin (BTC) resumed the decline and moved below $7,400 handle. At the time of writing, BTC/USD is changing hands at $7,370, down 1% since the beginning of the day and losing over 7% on a day-to-day basis. Wednesday’s collapse took thee price below SMA100 (Simple Moving Average) on a weekly chart for the first time since the beginning of May, which spells gloom and doom for the Bitcoin forecasts.

Whales behind the sell-off?

While the true reasons of the crash remain unknown, there is a theory that the sell-off might have been triggered by bitcoin whales positioning. 

According to Larry Chermak from The Block, someone liquidated bitcoin longs on BitMEX to the tune of $200 million within an hour.

“Bitcoin slid by more than 6% in the last 20 minutes. Massive long squeeze – more than $205M in liquidations on BitMEX in…

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