BTC value falls back to $29,000

BTC price plunges 3% in moments as ‘intense correction’ engulfs cryptocurrency market

BTC value falls back to $29,000, with a series of long liquidations driving new Bitcoin declines.

Bitcoin unexpectedly lost its gains on April 19, as a series of long liquidations caused BTC/USD to nosedive.

Bitcoin sees “beautiful” retracement

Data from Cointelegraph Markets Pro and TradingView followed the pair as it made lows of $29,015 on Bitstamp.

The abrupt shift came after a similarly robust recovery above the $30,000 level just a day earlier, but bulls were ultimately unsuccessful in maintaining higher levels.

With volatility making a comeback, Bitcoin experienced its lowest point since April 10 as the recent uptrend faced a new obstacle.

“Intense correction in the markets, as Bitcoin fails to maintain $29,700-29,800 and plummets due to a series of liquidations,” said Michaël van de Poppe, founder and CEO of trading company Eight. reacted.

Just hours earlier, the monitoring tool Material Indicators had pointed out shifting conditions in the Binance order book, suggesting that the outcome could go either way, with potential gains for both bulls and bears.

“Remember dips are gifts,”He told Twitter followers, calling the retracement “beautiful” for tagging the range lows.

Longs “compressed” as liquidations amass

Circumstances were harsh for those holding long BTC positions, as liquidations rapidly accumulated. At the time of writing, total crypto long liquidations for April 19 reached approximately $175 million on platforms observed by data provider Coinglass.

This occurred after a difficult day for shorts when BTC/USD bounced back above $30,000.

This article does not offer investment advice or recommendations. Each investment and trading action carries risk, and readers are encouraged to perform their own research before making decisions.

Source: https://cointelegraph.com/news/btc-price-dives-3-in-minutes-as-deep-correction-grips-crypto-market