Bitcoin Price Analysis: Bullish Traders Lose $350 Million as BTC Drops Below $18k

The bearish market has taken a turn for the worse as Bitcoin price dips below $18k as the crypto market is prepping for its daily close. The latest move by the bears has seen the top coin hit a low of $17,900.

The downtrend started at noon UTC looking like another normal drop. Nonetheless, it intensified in about four hours to the time of writing. This is the first time since December 2020 that the apex coin is seeing this level. However, bullish traders were the most affected by the drop.

$350 Million Liquidated as Bitcoin Price Hits $17k

There is a clear indication that traders are avoiding the derivative market. Trading volume over the last two days has been low. Nonetheless, there has been a slight improvement as the current day’s trading volume is 6% higher.

A total of $450 million got REKT. Of the total liquidation, the bulls lost $350 million as more long positions reached their forced closure mark.

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  • bitcoinBitcoin (BTC) $ 19,469.29 0.04%
  • ethereumEthereum (ETH) $ 1,333.57 0.41%
  • bnbBNB (BNB) $ 284.08 0.49%
  • xrpXRP (XRP) $ 0.478326 7.73%
  • solanaSolana (SOL) $ 34.19 2.07%
  • terra-luna-2Terra (LUNA) $ 2.47 0.38%