- Bitcoin climbed above $10,000 again but the move was short-lived.
- BTC/USD crashed down to $9,300 on most exchanges and $8,600 on BitMEX.
- Around $230 million in Bitcoin was liquidated through BitMEX during the crash.
After another break above $10,000, Bitcoin was rejected for the fourth time in the past month. BTC/USD had a nice 8% price surge on June 1 but the bulls couldn’t continue pushing the price. Bitcoin ended up trading sideways for around 15 hours before the disastrous crash.
BitMEX under fire once again
BitMEX is no stranger to criticism and manipulation accusations. The exchange is known for suffering outages during times of extreme volatility. Liquidations on BitMEX are also the main factor of Bitcoin’s price going lower than average creating even more liquidations.
Just two weeks ago, another class-action lawsuit was filed against BitMEX accusing the exchange of racketeering and fraud. This is not the first time the exchange has been accused of something and has faced numerous accusations and lawsuits in the past.
Bitcoin key levels
After giving all the gains back, Bitcoin has formed a support level at $9,279 but it’s trading higher at $9,579 at the time of writing. The daily 12-EMA at $9,488 is the nearest support point for Bitcoin.
As for resistance points, Bitcoin is facing $9,751, the last high before the breakout, and the top of the breakout at $10,404.
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