27 February 2020 14:23, UTC

Anna Martynova

BitMEX traders liquidated positions on Bitcoin for $150 million, that is the maximum of 2020. As a result, this strengthened the downward movement of the Bitcoin price. This morning, the Bitcoin price came close to $8,500. Since Monday, the Bitcoin price has fallen by $1000. At the time of writing, the Bitcoin price has recovered slightly and amounted to $8797.

Currently, traders are preparing for the fact that Bitcoin may fall below the $8,000 mark. Some experts say, if Bitcoin price doesn’t recover above $9,000, this will lead to large-scale sales in the crypto market.

Despite the bearish mood of the crypto market, there are also positive forecasts. Tom LEE, co-founder of Fundstrat Global Advisors, predicts Bitcoin will rise above $27,000 by the summer of this year. The trader Jacob CANFIELD noted that Bitcoin is still holding above the 200-day MA, that can also play a supporting role and cause upward correction.

Image courtesy of CoinCentral

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