Bitcoin bulls began to show some tiredness today as it failed to hang onto levels above USD 8,000 to slip 8% towards USD 7,300 (Coindesk price) where it currently lies now as Europe trading takes over in a couple of hours. Nevertheless, analysts have not changed their outlook for the medium-term, seeing this only as a typical retracement before preparing for higher highs in 2019.
Price had initially crashed as much as 11% to USD 7,000 amid a frenzy of selling off but volumes tapered off before buyers found support at its current levels. The rest of the crypto market followed suit, with TRON, Litecoin, Ripple and Cardano leading the altcoin pack in terms of double-digit percentage losses. Ether has had a magnificent week, holding well at 10-month highs and only losing 7% of its gains today.
Some observers have blamed multiple large sell orders triggered at the same time, especially on Bitmex, which boasts some of the largest Bitcoin trading volumes in the world. Trading cynic Bitfinex’ed posted over USD 250 million worth of long orders being liquidated:
Two hundred and fifty million dollars in liquidated longs on Bitmex. pic.twitter.com/Nncar5KC6Y
— Bitfinex’ed (@Bitfinexed) May 17, 2019
Though temporarily dampened, the general mood on social media has not been changed much, however, with Bitcoin permabulls such as Bitcoin Quantamental showing plenty of examples in 2017 when 24-hour slips by Bitcoin were perfectly normal en route to parabolic bull runs:
For those that weren't around in the bull market in 2017, these sorts of drawdowns are normal and to be expected. Bitcoin is insanely volatile and will test your will. I'm not saying we are in a big "BULL", but if it is, expect this
See below for ~24hr drops in the last bull pic.twitter.com/AO4txhixNz
— Crypto Quantamental (@CryptoQF) May 17, 2019
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