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Bitcoin Plunges 15% on BitMex After 10K Breakout
What BitMex’s chart tells us about the price to look out for.
Price Movement
As you all might have seen, in a crazy turn out of events, Bitcoin broke the 10K barrier again. This time in a sell-off.
In the 14 hours after a 7% surge, BitMex saw a whole 15% sell-off in 1 minute.
“…15% sell-off in 1 minute”
Other exchanges including Bitstamp and Okex did not see a drop nearly as much as the mainly leveraged trading platform, with lows at around 9600–9100.
The difference on BitMex could most likely be attributed to a series of liquidations leading to a long squeeze.
This present us a telling tale about the support.
Whale Movement
Just as Bitcoin appears to accumulate above 10K and show strength, it decides to dump. This is evident of a whale-induced movement.
The $10,150 price from which it fell spells a price that is attractive to the whales, at which the price couldn’t stay more than a day.
After the whale sell-off, the price hit a major support at $8595, and bounced 7% back up.
