The fall of the BTC to $ 10,000 led to the liquidation of futures for $ 40 million
The fall in the price of BTC led to the liquidation of futures on CME
The futures market has already shrunk by $ 290 million
Bitcoin will continue to decline in the near future
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Bitcoin has gone through a strong correction over the past few days. The price of the main cryptocurrency dropped to $ 9800. At the time of writing, the BTC is trading at $ 10,145.
CME reacted with a series of negative rates
The decline in the price of bitcoin from $ 12,000 to $ 10,500 has already led to the liquidation of long positions on the Chicago Mercantile Exchange in the amount of $ 250 million. However, a further drop in the value of the main cryptocurrency continues to storm the largest exchange. Over the past 24 hours, long positions for another $ 40 million have been liquidated on CME. Investors are confident that Bitcoin will not be able to win back its positions in the market in the near future, so they are in a hurry to liquidate futures contracts on the BTC.
Bitcoin price dynamics according to TradingView data
Analyst Valdrin Tahiri commented on the reasons for the fall in Bitcoin:
“On September 2, Bitcoin formed a bearish engulfing candlestick, causing the market to pull back to the above-mentioned support area of $ 11,200. This decline occurred against the backdrop of significant trading volumes, which reinforces the significance of this price move. However, they are still significantly inferior to the volumes from July 27, when a bullish engulfing candle appeared on the bitcoin chart, which eventually sent the price to a maximum of $ 12,473 ”
According to the expert, in the near future, bitcoin may reach $ 10,800, after which it will begin to rapidly strengthen in price.
Bitcoin may drop to $ 8,800
Some experts predict that the coin could go even lower, to the $ 8,800 level. Since now the CME market affects the coin rate, it is necessary to take into account the factor of investor behavior on the Chicago Mercantile Exchange. In case of further falling below $ 10,000 and the CME gap, the primary support levels are at $ 9,400- $ 9,500 and $ 8,800-9,100. These levels should serve as short-term support zones, after which an rally can occur..
In general, the markets look wobbly and investors should exercise caution when entering trades in general before clear construction can be seen on the charts..
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