Bitcoin price crashed 5 percent!

Bitcoin (BTC) price continued to depreciate on April 7 after warnings that those using excessive leverage must clear the market to see new gains in value.

Bitcoin Price Index: How much is 1 Bitcoin in TL? (BTC TL)

1-hour candlestick chart (Bitstamp) of the BTC / USD pair. Source: Tradingview

BTC price trying to hold on to $ 56K

The BTC / USD pair dropped as low as $ 55,760 on Wednesday, according to data from Cointelegraph Markets Pro and TradingView.

While the crypto currency continued its depreciation that started the other day, altcoins also returned some of the gains and Ether (ETH) fell below $ 2,000.

Looking at the trader’s behavior, it is seen that leveraged long positions were intense in the spot price before the decline; that is, investors thought the rise was more likely than a correction. Famous analyst filbfilb suggested that these positions must be liquidated in order for Bitcoin to attempt a new record.

With the last price action, 2 billion dollars worth of positions were liquidated in the last 24 hours. This happened in just one hour, with $ 600 million in liquidations.

Tracking source WhalemapHe sought a possible bottom line, stating that “a large amount of BTC was transferred to a whale wallet on March 23 at $ 55,172.”

“Let’s wait and see how the price will react to this level. The price often bounces off such strong supports.”

BTC / USD chart showing whale clusters. Source: Whalemap

Hash in altcoins

Altcoins have not been able to sustain their strong performance in recent days. Ether fell below $ 2,000.

1-hour candlestick chart (Bitstamp) of the ETH / USD pair. Source: Tradingview

XRP and Polkadot (DOT) became the biggest losing cryptocurrencies among the top 10 cryptocurrencies, losing more than 10 percent in value. All but one of the top 50 cryptocurrencies lost value.

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