Bitcoin Suffers Massive Decline Amid Mass-Liquidation of Buy Positions

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Bitcoin (BTC) traded through the week on very bullish momentum, as the benchmark cryptocurrency printed new record highs. However, traders woke up to a shocker on Sunday morning with over one million long positions liquidated, as BTC plunged by more than 16%.

Weekends are usually less volatile as traders take a break away from the market. However, the Asian session saw a significant price move in what is regarded as the largest liquidation since February.

While the selloff cannot be tied to a particular factor, there exist several possible triggers behind the crypto market slump.

Firstly, speculations that the US Treasury could charge several financial institutions for money laundering through the use of cryptocurrencies rocked the market yesterday. While the news has no official backing or source, it has gained massive traction on Twitter and other news media and has a hand in the recent selloff.

Another possible trigger for the crypto market crash is the recent plunge in the BTC mining hashrate. On-chain analyst Will Woo noted that the power outage in Xinjiang was the reason for the price drop in the benchmark cryptocurrency.

Woo cited that the hashrate plunge is similar to the one that occurred in November 2017. The analysts further explained that BTC price and hashrate have a strong correlation, which explains the flash crash seen on Sunday.

Key BTC Levels to Watch — April 18
Bitcoin recorded a massive rejection from the $61k resistance as investors cashed out on profits. The primary cryptocurrency has fallen back into the $50k’s and could remain below the $60k line for a while.

The immediate task for bulls is to get BTC into the $58k pivot zone, where we could see a return of some bullish traction. That said, our hourly MACD shows that Bitcoin should post a steady rebound over the hours, as it is deep within oversold territory.

Meanwhile, our resistance levels are at $56,000, $56,700, and $57,500, and our key support levels are at $55,000, $54,000, and $53,000.

Total Market Capitalization: $1.99 trillion

Bitcoin Market Capitalization: $1.03 trillion

Bitcoin Dominance: 51.8%

Market Rank: #1

 

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