BitcoinBTC priceCointelegraph.comEthereum

Bitcoin price slides 5% as second day of losses costs Ethereum $2K landmark

A sea of red greets traders on Wednesday as blame shifts to leveraged long traders and the need to liquidate their positions.
Bitcoin (BTC) extended its price drop on April 7 amid warnings that excessive long positions needed to be flushed out to allow for fresh gains. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingviewBTC price barely clings to $56,000 supportCointelegraph Markets Pro and TradingView showed BTC/USD hitting new local lows of $55,760 during Wednesday trading. A second day of more substantial losses for the pair came as altcoins also began to reverse their earlier successes, with Ether (ETH) dropping below $2,000.A look at trader behavior pointed to leveraged long positions in place at previous spot price, indicating belief that further upside is more likely than another correction. These positions, analyst Filbfilb believes, need to be liquidated before Bitcoin can make a meaningful attempt at new all-time highs.The latest price action went some way to refreshing market composition — $2 billion in liquidations in the past 24 hours, $600 million of which in a single hour alone, according to data from monitoring resource Bybt.”A large inflow to a whale wallet happened at $55172 on the 23rd of March,” monitoring service Whalemap added, eyeing a possible floor. “Lets see how price reacts to this level. Usually price bounces from such strong supports.”BTC/USD chart showing clusters of whale orders. Source: WhalemapAltcoins reverse strong weekly startOn altcoins, strong performance was in jeopardy at the time of writing, with Ether back below its historic $2,000 marker and heading …
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