Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Crypto Traders Talk Bitcoin Price Direction After BTC’s Swift 13% Drop

Published 08/03/2020, 12:59 PM
Updated 08/03/2020, 02:40 PM
Crypto Traders Talk Bitcoin Price Direction After BTC’s Swift 13% Drop

The price of Bitcoin declined by more than 13% within 30 minutes on Aug. 2. The shocking short-term price action caused $1 billion worth of liquidations in futures contracts for Bitcoin (BTC) and Ethereum’s native token, Ether (ETH). Following the rapid sell-off, traders are cautiously optimistic and are considering both bullish and bearish scenarios.

Before delving into the various scenarios traders have in mind for Bitcoin, it is crucial to understand what caused the correction. On-chain data from Santiment suggests that warning signs emerged when the growth of daily active addresses slumped as Bitcoin topped at around $12,000.

Continue Reading on Coin Telegraph

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.