{"id":10289,"date":"2023-02-10T10:26:32","date_gmt":"2023-02-10T10:26:32","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=10289"},"modified":"2023-02-10T10:26:33","modified_gmt":"2023-02-10T10:26:33","slug":"bitcoin-price-taps-3-week-lows-as-sec-fears-liquidate-250m-of-crypto-longs","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10289","title":{"rendered":"Bitcoin price taps 3-week lows as SEC fears liquidate $250M of crypto longs"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) fell to bearish target zones on Feb. 10 as bulls failed to hold important support above $22,000.<\/p>\n<p><em>BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Crypto wipeout mounts as BTC price loses $22,000<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD dropping to $21,633 on Bitstamp.<\/p>\n<p>The pair reacted badly to regulatory fears from the United States but had already faced days of bearish sentiment, with traders expecting a retest of $21,000 or even lower.<\/p>\n<p>At the time of writing, Bitcoin traded at around $21,800, down around 7% in February so far.<\/p>\n<p>\u201cBear market back or are we just having a slight correction?\u201d Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, queried on the day.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Crypto Tony\/ Twitter<\/em><\/p>\n<p>Some were busy with short positions as BTC price action conformed to expectations, with popular trader Crypto Tony eyeing $21,400 as a potential bounce zone should losses continue to materialize.<\/p>\n<p>\u201cProfit coming in nice on the short and my next target is the support cluster at $21,400. If we see a retest of $22,300 then this could be your chance to get in, upon a failed retest,\u201d he wrote in part of commentary alongside an explanatory chart.<\/p>\n<p>Those remaining in long positions thus felt intense pain overnight. According to data from data resource Coinglass, long liquidations for Bitcoin alone totaled $64.6 million for Feb. 9.<\/p>\n<p><em>BTC liquidations chart. Source: Coinglass<\/em><\/p>\n<p>On-Chain College, a contributor at analytics platform CryptoQuant, noted that these included $24.3 million in a single hourly candle \u2014 the most since the FTX crash in early November 2022.<\/p>\n<p><em>BTC\/USD annotated chart. Source: On-Chain College\/ Twitter<\/em><\/p>\n<p>Feb. 9 liquidated $254 million in longs, including altcoins.<\/p>\n<h2>Analyst looks for $16,000 bottom \u201cconfirmation\u201d<\/h2>\n<p>Looking beyond immediate price performance, fellow CryptoQuant contributor Venturefounder focused on whether the macro bottom was really in for Bitcoin.<\/p>\n<p><strong><em>Related:\u00a0Arthur Hayes bets on Bitcoin, altcoin surge in H1 2023 as he buys BTC<\/em><\/strong><\/p>\n<p>If BTC\/USD were to preserve the 200-day moving average (DMA) near $20,000 \u2014 or even $19,000 \u2014 as support, he argued on the day, it may be more significant implications for price action.<\/p>\n<p>BTC\/USD saw two-year lows just under $16,000 in the FTX aftermath, levels which at the time sparked mass calls for a trip to $12,000.<\/p>\n<p>\u201cA retest of $19-$20k Bitcoin (200DMA zone) would be very appropriate here,\u201c Venturefounder wrote in a Twitter thread.<\/p>\n<p>A further post argued, \u201cHolding the $19-20k during this correction would be the first confirmation that $16k was the Bitcoin cycle bottom.\u201c<\/p>\n<p><em>BTC\/USD annotated chart. Source: Venturefounder\/ Twitter<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-taps-3-week-lows-as-sec-fears-liquidate-250m-of-crypto-longs\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) fell to bearish target zones on Feb. 10 as bulls failed to hold important support above $22,000. BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView Crypto wipeout mounts as BTC price loses $22,000 Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD dropping to $21,633 on Bitstamp. The pair reacted badly to regulatory fears [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10289"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10289\/revisions"}],"predecessor-version":[{"id":10291,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10289\/revisions\/10291"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10290"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}