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A flash correction happened that caused Bitcoin to plunge more than $ 2,000 in 5 minutes …
According to Cointelegraph Markets, the recent nightmare for traders occurred in which BTC / USD suddenly dropped from $ 59,350 to below $ 57,000.
At press time, the BTC price has bounced back slightly after the pair hit a low of 56,713 on Bitstamp.
“Exactly Bitcoin,” trader Michaël van de Poppe reacts to what has become familiar within the short timeframes for Bitcoin.
Recently, the bullish trend has been the focus of day traders as news from PayPal has had a positive effect on BTC recovering to nearly $ 60,000. However, despite the good news, it couldn’t be helped that long positions worth $ 600 million over the past 24 hours were liquidated, Cointelegraph said.
For the PlanB analyst, correction is now necessary and it is in Bitcoin’s favor:
“Now all long positions with leverage have been liquidated. We finally have room to break $ 60k this April ”
The long-term picture remains positive, with the analyst pointing out that “the zone between $ 68,000 and $ 73,000 is the next resistance to watch.”
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