The quotes of the first cryptocurrency fell below the level of $ 33,000. Over the course of the day, Bitcoin fell by 20% (according to CoinGecko).
The fall in price led to the liquidation of traders’ positions in the bitcoin derivatives market in the amount of $ 1.49 billion in 24 hours. The volume of liquidated positions for all coins amounted to almost $ 2.7 billion.
Data: bybt.
Northman Trader founder Sven Henrich noted earlier that buyers had raised the weekly RSI in Bitcoin futures to above 93, indicating the asset’s highest overbought level.
#Bitcoin buyers have puked the futures chart to a WEEKLY RSI north of 93 its highest overbought reading ever. $ BTC pic.twitter.com/5QUivPsCFy
– Sven Henrich (@NorthmanTrader) January 10, 2021
Crypto Quant CEO Ki Yoon Joo drew attention to the local maximum of the index of positions of miners – this means that they sell bitcoins, fixing profits.
Well-known trader Ton Weiss believes that the price correction will be short-term and by the end of January he expects new historical highs in the quotes of the leading cryptocurrency.
Wow, the #Bitcoin MRI Top was on the money today… As I said in my videos last few days, look for a 1-4 day correction then probably a new All Time High by end of month $ BTC pic.twitter.com/H4j21b1hze
— Tone Vays (#EndLockdowns) (@ToneVays) January 10, 2021
Together with bitcoin, prices of other leading cryptocurrencies have also dropped. Market capitalization fell below $ 1 trillion (according to CoinGecko).
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