Bitcoin price drops below $17.6K in June as FTX nerves clear of nearly $1 billion

Bitcoin (BTC) liquidated $200 million of long positions on November 8 as the price of BTC briefly dropped to its lowest level in two years.

BTC price sets new 2-year low

info from Cointelegraph Markets Pro And the TradingView Revealed a massacre across the cryptocurrency price charts as the FTX exchange kept the mood low.

after the start Recovery of more than $20,000 In the wake of the news that embattled FTX could be bought by rival Binance, the panic returned after the opening of Wall Street.

BTC/USD lost $2,000 in less than two hours, seeing a sudden drop of $17,120 on Bitstamp.

The last time the pair traded at this level was in late November 2020, which means that Bitcoin managed to beat Previous macro lows of $17,600 Set in June this year.

Data from Binance’s order book show up The sudden bearish sequence that breaches the strong buying support at $18,000.

At the daily close on November 8, the area of ​​interest for trade volume was around $18,400 – an area still in operation at the time of writing nearly 12 hours later.

Figures from on-chain watch supplier Coinglass, meanwhile, tracker Great pain for long-time investors caught in the wrong time.

On November 8, BTC long liquidations across exchanges totaled $214 million, while cryptocurrency longs were liquidated to reach $670 million.

Along with the sell-off, the total liquidation for the day was $915 million.

‘Important weeks ahead’

Analyzing the situation, popular crypto commentators have been cautious about putting an end to the price turmoil.

Related: Why did the price of bitcoin drop today?

“It’s too early to know how to resolve this, but the fact that we’re seeing another stock-driven liquidity crunch at this point in the overall structure is really nice,” according to typically optimistic TechDev. chirp:

“Important weeks ahead.”

Aharon He confessed That they themselves had fallen for volatility, while away from cryptocurrencies, the analysis looked for potential silver linings.

For IncomeSharks trading account, weakness in the US dollar during the ongoing midterm elections was a promising sign for risky assets.

“Looks ready to step back” Wrote About the US Dollar Index (DXY) per day:

“The stock looks good. A bad black swan event ruined the Crypto price action but once this taste is out of people’s mouths, we should see BTC and $ETH rally slightly. Again, the problem is not with the assets themselves.”

November 10 was already Set to be a volatile day This week, the US Consumer Price Index inflation data for October is due.