Bitcoin Crashes by $10K — Should You Buy the Dip or Sell?
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- Bitcoin crashed by 10 thousand USD despite positive developments.
- Many attribute the crash to over-leveraged bullish positions.
- Analyst says that single-day dumps are becoming the norm for Bitcoin
The recent bitcoin crash left people surprised as market developments were positive. After all, El Salvador officially adopted BTC as legal tender. Aside from that, hodlers also organized buying bitcoins in celebration of El Salvador’s bitcoin day.
It was a bullish run, and BTC closed in on 53K USD, but it suddenly took a negative turn, dumping by 10K USD in a matter of hours.
In an analysis published on crypto data firm CryptoQuant, it shows that “the volume of Long Liquidation in less than 1 hour can confirm that this price fluctuation was majorly Futures Market-driven.”