RATE Group | Bitcoin Plunges Towards $9,000: Where Top Traders Think the Price Will Bottom
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Bitcoin Plunges Towards $9,000: Where Top Traders Think the Price Will Bottom

26 Feb Bitcoin Plunges Towards $9,000: Where Top Traders Think the Price Will Bottom

Posted at 04:05h in Bitcoin News by

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I’ve said it once and I’ll say it again: Bulls really can’t catch a break. Over the past few hours, Bitcoin has continued to tank, building on the drop to $9,300 that already transpired on Tuesday morning.

As of the time of writing this, the leading cryptocurrency is trading for $9,125, down 4% in the past 24 hours and 13.5% below the $10,550 high seen around ten or so days ago, per data from CoinMarketCap.

This latest leg lower has liquidated another $8 million worth of BitMEX long positions, with traders crumpling as Bitcoin shows no signs of its rapid descent towards $9,000. These liquidations add to the dozens of millions of dollars worth of long positions wiped out over the past few days as BTC bulls have collapsed.

Related Reading: Why an Analyst is Expecting a 40% Drop in Ripple’s XRP as Crypto Crash Continues

While many traders were in denial over the past few days, many are now convinced Bitcoin is in the midst of a fully-fledged bearish reversal, one that will likely…

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