Bitcoin (BTC) fell above $ 2,000 in five minutes on March 31 as a wave of volatility disrupted the calm market.
Suddenly BTC sees fluctuations
Cointelegraph Markets Pro and Tradingview showed long-term traders a nightmare that reversed on Wednesday when the BTC / USD pair suddenly dropped from $ 59,350 to $ 57,000.
At time of writing, losses have continued to rise after the pair hit $ 56,713 on Bitstamp.
“It’s Bitcoin,” trader Mikael van de Poppé responded to what became a well-known event in Bitcoin’s short timeframe.
In the past, day traders have focused on an uptrend as news from PayPal brought in just under $ 60K.
Those who chose to continue the rally, however, lost heavily on Wednesday when deflation eliminated $ 600 million in long positions during a 24-hour $ 1 billion disappearance.
For the PlanB quantum analyst, their death was nonetheless auspicious and helped to shake off unwanted influences and secure a brighter future. Similar incidents have occurred in both long and short centers in recent months, Cointelegraph reports.
He commented on Twitter, “Chasing a nice stop … again.”
“Now that all the long-term loans have been paid off, we finally have room to pay $ 60,000 in April.”
Funding interest rates rise
Meanwhile, indicators have suggested that additional bitcoin price increases will require some work.
Funding rates on derivatives platforms were higher during the day – 0.375% on Huobi, which is a classic sign of bearish pressure.
The long-term picture remains more than positive, with analysts pointing to $ 68,000 and $ 73,000 as the next hurdle to look out for.