BTC abruptly reversed all the price gains as it went through a cascade of long liquidations on 19th April, which set the exchange plummeting at a good speed.
According to data from TradingView and Cointelegraph Markets Pro, it was understood that the pair had gone to as low as $29,015 on Bitstamp. This sudden move was then followed by an equally powerful rebound above the mark of $30,000 just the day prior- which unfortunately the bulls could not preserve at a higher rate. With the return of volatility, the cryptocurrency plummeted to its lowest since the 10th of April, as the upside saw the latest challenge. The founder and CEO of trading firm Eight, Michael van de Poppe went on to state that there was a deep correction in the markets, as Bitcoin wouldn’t be able to hold on to the price of $29,700 to $29,800.
BTC Went Through A Price Cascade Of 3%
Before the price cascade of BTC, Material Indicators– a monitoring resource- had also flagged changing conditions on the order book of Binance- where they argued that the result would still be swinging in both ways- with either the bears or the bulls profiting from it. Among traders, some of the participants, such as Crypto Kaleo, a bullish trader- remained extremely optimistic. In his tweet for his followers, he called this retracement quite beautiful for tagging the range lows.
As it stands, the conditions were seemingly quite ugly for the long BTC, with the liquidations stacking up fast. The total crypto long liquidations for 19th April stood at $175 million on platforms that were monitored by Coinglass- a data resource. These were then followed by a painful day for shorts with the exchange returning above a sum of $30,000.
