Cointelegraph Team
Cointelegraph
Bitcoin abruptly reversed gains on April 19 as a cascade of long liquidations sent BTC/USD plummeting lower.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin sees "beautiful" retracement
Data from Cointelegraph Markets Pro and TradingView followed the pair as it made lows of $29,015 on Bitstamp.
The sudden move followed an equally strong rebound above the $30,000 mark the day prior, with bulls ultimately unable to preserve higher levels.
As volatility returned, Bitcoin thus fell to its lowest since April 10 as the upside saw its latest challenge.
“Deep correction on the markets, as Bitcoin can’t hold at $29,700-29,800 and shoots downwards through a cascade of liquidations,“ Michaël van de Poppe, founder and CEO of trading firm Eight, reacted.
BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter
Hours prior, monitoring resource Material Indicators had flagged changing conditions on the Binance order book, arguing that the result could still swing both ways, with either bulls or bears profiting.
Among traders, some participants, such as bullish trader Crypto Kaleo, remained optimistic.
“Remember dips are gifts,” he told Twitter followers, calling the retracement “beautiful” for tagging the range lows.
Longs “squeezed” as liquidations mount
Conditions were ugly for those long BTC, with liquidations stacking up rapidly.
At the time of writing, total crypto long liquidations for April 19 stood at around $175 million on platforms monitored by data resource Coinglass.
Crypto liquidations chart. Source: Coinglass
These followed a painful day for shorts as BTC/USD returned above $30,000.
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