Over $102 million in long positions were liquidated on BitMEX, pushing Bitcoin into another period of turbulence.

Key Takeaways

  • Bitcoin took a $1,000 nosedive that erased this week’s gains in a matter of minutes.
  • Despite the massive bearish impulse, there is a major support level that could prevent further losses.
  • If this barrier continues to hold, BTC may enter a consolidation phase before its price is forced to breakout.

Share this article

Bitcoin failed to turn the $10,000 resistance level into support, which caused a $1,000 drop in the last few hours. But bullish price action isn’t out of the question just yet.

Bitcoin Crashes Within Minutes

Bitcoin’s price is going wild. The flagship cryptocurrency was able to rise by more than 10% yesterday and move past the $10,000 threshold. However, BTC recently took a brutal $1,000 nosedive that erased these gains in a matter of five minutes. 

Yesterday, Crypto Briefing warned readers that investors were growing overwhelmingly bullish about the recent price action. Sentiment sent the Crypto Fear and Greed Index into “greed,” which is a negative sign. But few predicted that the market would respond with a massive bearish impulse.

Nik Patel, the best-selling author of “An Altcoin Trader’s Handbook,” reported that across Coinbase, Bifinext, Bitstamp, Bybit, and FTX that BTC hit a low between $9,150 and $9,320. However, on BitMEX, over $102 million in long positions were liquidated, pushing BTC to $8,600.

Bitcoin Reached Different Levels in the Recent Crash
Bitcoin Reached Different Levels in the Recent Crash. (Source: ICO Analytics)

Despite the sudden downward movement, different technical indexes show that everything is not lost yet.

There’s Still Hope for Recovery

The lower boundary of an ascending parallel channel, which has contained Bitcoin since March’s Black Thursday, seems to have prevented a steeper decline. 

If this barrier continues to hold, the price history of the past three months may repeat itself. The flagship cryptocurrency could then bounce off this support level back to the middle or towards the upper boundary of the channel at $12,500.

Bitcoin US dollar price chart
BTC/USD on TradingView

The Fibonacci retracement indicator adds credence to this outlook. Based on this technical index, Bitcoin may consolidate between $9,100 and $10,500 for an extended time before it provides a clear sign of where it is headed next. 

Earn smarter with Cred
Earn smarter with Cred

Breaking below the support provided by the 78.6% Fibonacci retracement level could jeopardize the bullish view and trigger a steeper decline. Under such circumstances, the next critical support areas to pay attention to are 61.8% and 50% Fibonacci retracement levels.  These support barriers sit at $8,000 and $7,300, respectively. 

Bitcoin US dollar price chart
BTC/USD on TradingView

On the flip side, an increase in the buying pressure behind BTC that allows it to move past the $10,500 resistance could propel it towards new yearly highs. 

It is worth mentioning that on BTC’s 1-week chart, the TD sequential indicator is currently presenting a sell signal in the form of a green nine candlestick. If it were to be validated, one could expect a one to four candlestick correction on the weekly chart before the continuation of the uptrend. 

With all of these factors in mind, it is crucial to understand the support and resistance levels mentioned above to capture profits from the next major price movement.

Share this article


  1. I seriously love your website.. Very nice colors & theme.
    Did you build this website yourself? Please reply back as I’m trying to create my own personal site and
    would love to find out where you got this from or what the theme is called.

    Thank you!

  2. This is very attention-grabbing, You are an excessively skilled blogger.

    I’ve joined your feed and stay up for looking for more
    of your magnificent post. Also, I have shared your site in my social networks

  3. Hi to all, how is everything, I think every one is getting more from this website, and your views are nice designed for new users.

  4. Hi! I could have sworn I’ve visited this site before but after going
    through a few of the posts I realized it’s new to me. Nonetheless, I’m
    definitely delighted I stumbled upon it and I’ll be
    book-marking it and checking back frequently!

  5. Hello! This is kind of off topic but I need some advice from an established blog.
    Is it very hard to set up your own blog? I’m not very techincal but I can figure things out pretty fast.
    I’m thinking about creating my own but I’m not
    sure where to begin. Do you have any points or suggestions?


  6. Hi, i think that i saw you visited my site thus i came to
    “return the favor”.I’m trying to find things to enhance my
    web site!I suppose its ok to use some of your ideas!!

  7. Hi, i read your blog from time to time and i own a similar one and i was just curious if you get a
    lot of spam remarks? If so how do you prevent it, any
    plugin or anything you can advise? I get so much lately
    it’s driving me mad so any help is very much appreciated.

  8. Thanks for any other wonderful article. Where else may anybody get
    that type of info in such an ideal means of writing?

    I’ve a presentation next week, and I am at the look for such

  9. Hello there! This post could not be written much better!

    Looking through this post reminds me of my previous roommate!

    He continually kept talking about this. I am going to send this article to him.
    Pretty sure he’ll have a great read. Thanks for sharing!

  10. Heya this is kinda of off topic but I was wanting to know if blogs use WYSIWYG editors or if you have
    to manually code with HTML. I’m starting a blog soon but have no coding knowledge so I wanted to get guidance
    from someone with experience. Any help would be
    enormously appreciated!

  11. I love your blog.. very nice colors & theme. Did you create this website yourself or did you
    hire someone to do it for you? Plz respond as I’m looking to construct my own blog and would like to know where
    u got this from. thanks

  12. Article writing is also a fun, if you be acquainted with
    afterward you can write otherwise it is difficult to write.

  13. I am in fact happy to read this website posts which contains lots
    of useful information, thanks for providing such data.

  14. I’m not sure why but this web site is loading incredibly slow
    for me. Is anyone else having this problem or is it a problem on my end?
    I’ll check back later on and see if the problem still exists.

  15. If you desire to obtain much from this paragraph then you have to apply such strategies to your won weblog.

  16. Superb blog! Do you have any suggestions for aspiring writers?
    I’m hoping to start my own website soon but I’m a little lost on everything.

    Would you advise starting with a free platform like WordPress
    or go for a paid option? There are so many choices out there that I’m
    totally confused .. Any ideas? Appreciate it!

  17. My spouse and I stumbled over here coming from a different website and thought
    I might as well check things out. I like what I see so now i’m following you.

    Look forward to going over your web page for a second time.

  18. Hey there! I’m at work surfing around your blog from my new
    iphone 4! Just wanted to say I love reading your blog and look
    forward to all your posts! Keep up the fantastic work!

  19. Thank you for the good writeup. It in fact was a amusement account it.
    Look advanced to far added agreeable from you! By the way, how
    can we communicate?

  20. I constantly emailed this blog post page to all my friends, because if like to read
    it then my friends will too.

  21. Hi there! Do you know if they make any plugins to help with
    SEO? I’m trying to get my blog to rank for some targeted keywords but I’m
    not seeing very good results. If you know of any please share.

  22. I am genuinely grateful to the holder of this web page who has shared this impressive piece of writing
    at at this place.

  23. Spot on with this write-up, I really believe this amazing site needs a lot more attention.
    I’ll probably be back again to read more, thanks for the advice!

  24. I really love your website.. Very nice colors & theme.
    Did you make this amazing site yourself? Please reply
    back as I’m trying to create my very own website and want
    to learn where you got this from or what the theme is called.


  25. Your mode of telling the whole thing in this piece of writing is really fastidious, every
    one can simply know it, Thanks a lot.

  26. Amazing issues here. I’m very glad to see your article.
    Thanks a lot and I am taking a look ahead to touch you.
    Will you kindly drop me a e-mail?

  27. Woah! I’m really digging the template/theme of this site.
    It’s simple, yet effective. A lot of times it’s tough to get that “perfect balance” between user
    friendliness and appearance. I must say that you’ve
    done a great job with this. In addition, the blog loads super quick for me on Internet explorer.
    Superb Blog!

  28. Hi, I want to subscribe for this website to take most up-to-date
    updates, thus where can i do it please assist.

  29. It’s going to be end of mine day, but before ending
    I am reading this enormous article to increase
    my knowledge.

  30. Greetings from Los angeles! I’m bored at work so I decided to check
    out your website on my iphone during lunch break.
    I love the knowledge you present here and can’t
    wait to take a look when I get home. I’m shocked at how fast
    your blog loaded on my cell phone .. I’m not even using WIFI, just 3G ..
    Anyways, amazing blog!

  31. I was recommended this website by my cousin. I am not sure whether this post is written by him as no one else know such detailed about my difficulty.
    You are wonderful! Thanks!

  32. Heya! I just wanted to ask if you ever have any issues with hackers?
    My last blog (wordpress) was hacked and I ended
    up losing several weeks of hard work due to no data backup.

    Do you have any methods to protect against hackers?

  33. We’re a group of volunteers and starting a new scheme in our community.
    Your website offered us with valuable information to work on. You have done a formidable job and our entire community will be thankful
    to you.

  34. You can certainly see your expertise in the work you write.
    The world hopes for more passionate writers like
    you who aren’t afraid to mention how they believe. Always follow your heart.

  35. Your style is really unique compared to other folks I’ve read stuff from.
    I appreciate you for posting when you have the opportunity, Guess
    I’ll just book mark this site.

  36. Hello there, I found your website via Google whilst searching for a related
    matter, your site got here up, it seems to be great.
    I’ve bookmarked it in my google bookmarks.

    Hi there, just become aware of your blog thru Google, and found that it’s really informative.
    I am gonna be careful for brussels. I’ll appreciate if you proceed this in future.
    Many other folks will likely be benefited out of
    your writing. Cheers!

  37. Very good information. Lucky me I ran across
    your site by accident (stumbleupon). I’ve saved as
    a favorite for later!

  38. Thanks for any other informative web site.
    The place else may I am getting that kind of info written in such an ideal way?
    I have a challenge that I am just now running on, and I’ve
    been on the look out for such information.

  39. Way cool! Some extremely valid points! I appreciate you penning this write-up
    plus the rest of the site is extremely good.

  40. I am really enjoying the theme/design of your website.
    Do you ever run into any web browser compatibility issues?
    A handful of my blog audience have complained about my website not operating correctly in Explorer
    but looks great in Opera. Do you have any ideas to help fix this issue?

  41. Hey! Do you know if they make any plugins to safeguard against hackers?
    I’m kinda paranoid about losing everything I’ve worked hard on. Any recommendations?

  42. Every weekend i used to go to see this site, as i want enjoyment, as this
    this site conations actually good funny material too.

  43. I will immediately grab your rss as I can not find your email subscription hyperlink or newsletter
    service. Do you have any? Kindly let me recognise
    in order that I may just subscribe. Thanks.

  44. Awesome! Its actually remarkable paragraph, I have got much clear idea concerning
    from this article.

  45. I’m extremely impressed with your writing skills and also with the layout
    on your blog. Is this a paid theme or did you
    customize it yourself? Anyway keep up the excellent quality writing, it is rare to
    see a nice blog like this one today.

  46. certainly like your web site but you have to check the
    spelling on several of your posts. A number of them are rife with spelling issues and I to find it very bothersome to
    inform the truth however I’ll definitely come again again.

  47. Right here is the perfect site for anyone who hopes to understand this topic.
    You understand a whole lot its almost tough to argue with you (not that I personally would want to…HaHa).
    You definitely put a brand new spin on a subject that has been written about for decades.

    Wonderful stuff, just excellent!

  48. Hi, I do think this is a great website. I stumbledupon it 😉 I will revisit yet
    again since i have bookmarked it. Money and freedom
    is the best way to change, may you be rich and continue to guide other people.

  49. If you would like to grow your knowledge simply keep visiting this
    website and be updated with the most recent news posted here.

  50. Every weekend i used to visit this website, as i wish for enjoyment, for the reason that this this website conations really
    fastidious funny stuff too.

  51. Aw, this was a very good post. Taking the time and actual effort to generate a top notch article… but what can I say… I put things off a whole lot and never seem to get nearly anything done.

  52. Greetings! Very useful advice within this article! It is the little changes that make the largest changes.

    Thanks for sharing!

  53. Can I simply just say what a relief to discover
    somebody that truly understands what they’re talking about on the
    web. You certainly realize how to bring an issue to light and make it important.
    More and more people ought to read this and understand this side of the story.
    I was surprised you aren’t more popular because you definitely have the gift.

  54. Link exchange is nothing else however it is simply placing the
    other person’s website link on your page at suitable place and
    other person will also do similar in favor of you.

  55. whoah this blog is excellent i really like reading your articles.

    Keep up the great work! You understand, lots of individuals
    are looking round for this info, you could help them greatly.

  56. We’re a group of volunteers and opening a brand new scheme in our community.

    Your website offered us with helpful information to work on. You’ve performed a formidable activity and our whole neighborhood can be
    thankful to you.

  57. Of course, what a splendid website and informative posts, I surely will bookmark your blog.Best Regards!

  58. Having read this I thought it was really informative.
    I appreciate you taking the time and effort to put this information together.
    I once again find myself personally spending way too much time both reading and leaving
    comments. But so what, it was still worthwhile!

  59. Simply desire to say your article is as surprising.
    The clarity on your publish is simply excellent and i can think you’re an expert in this subject.

    Fine along with your permission allow me to clutch your
    RSS feed to stay up to date with approaching post. Thanks 1,000,000 and please carry on the enjoyable work.


Please enter your comment!
Please enter your name here