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Bitcoin Under $9K: Crypto Community Shock Captioned By $1B Liquidation

2 min read

Crypto investors have once again learned a hard lesson. The market is unpredictable. Well, that and that is is extremely volatile. With the halving now just two days away, the crypto community has only been looking up and the risks of a price sink have been the last thing on their minds.

But that is exactly what the market has decided to do. in the last 24 hours, the crypto market has wiped out billions. For Bitcoin, which has led the bloodbath, the token has fallen below $9K to reach its bottom around $8.5K.

The result of this has been a total liquidation of over $1.31B with Bitcoin taking the lion’s share, $1B. This has clearly captioned investor’s surprise with bitcoin turning bright red just two days to its halving. Historically, this has been one of its most bullish events and has seen prices skyrocket.

In the last week, the asset has looked on track to reach new highs. However, the inability to break above $10K has cast doubt on investors. Most of these will be cashing in now with the conviction that the halving has faltered.

What Happened?

This has been the work of whales. Whales break or break the market. A number of analysts have been expecting whales to sink prices in an attempt to buy back in before the halving. This is their time and this is how they have chosen to do it.

Luckily, if it the work of whales, they will soon begin reaccumulating which will support Bitcoin and set the ground for a comeback. Smart money will be looking to buy at this discount with $8.5K support tipped to hold. Like before, the target remains to be $10K which could trigger Fear of Missing Out (FOMO).

Investors should, however, be cautious coz if Bitcoin goes into the halving red, this will set a bearish pattern with speculators jumping ship.

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Cryptomute | 2020