RATE Group | Bitcoin Dip-Buyers Are Now Watching This Level After Another 5% Drop
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Bitcoin Dip-Buyers Are Now Watching This Level After Another 5% Drop

15 May Bitcoin Dip-Buyers Are Now Watching This Level After Another 5% Drop

Posted at 08:02h in Bitcoin News by

At 2 A.M. (UTC) time Bitcoin (BTC) price abruptly dropped 5.11% to $9,256 before recovering to trade in the $9,500 range. This followed a previous sudden drop on Thursday after BTC briefly touched $10K to fill the CME futures gap.  

Crypto market weekly price chart

Crypto market weekly price chart. Source: Coin360

Data from CoinMarketCap shows that earlier in the day the price surged to $9,939 and the following consolidation of higher lows and lower highs convinced some traders that further continuation to $10K and above was in the works.  

BTC USDT 1-hour chart

BTC USDT 1-hour chart. Source: TradingView

After the surge to $9,939, traders were watching to see if $9,650 would function as support and the break below the pennant trendline and 20-MA dropped the price below a high volume node on the volume profile visible range. 

BitMEX XBTUSD Liquidations

BitMEX XBTUSD Liquidations. Source: Skew.com

Data from Skew shows the drop to $9,256 liquidated $28 million in BitMEX long positions but as discussed in a recent analysis, after a more than 20% rally since May 11,…

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