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BTC value drops 3% within minutes as cryptocurrency market experiences significant correction.
On April 19, Bitcoin (BTC) experienced a sudden reversal of its gains as a wave of long liquidations caused BTC/USD to drop significantly.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin undergoes a "beautiful" correction
Data from Cointelegraph Markets Pro and TradingView tracked the pair as it reached a low of $29,015 on Bitstamp.
This abrupt movement followed a robust rebound above the $30,000 threshold the previous day, with bulls ultimately unable to maintain elevated levels.
As volatility returned, Bitcoin fell to its lowest point since April 10, facing its latest challenge on the upside.
“Significant correction in the markets, as Bitcoin struggles to hold at $29,700-29,800 and drops through a wave of liquidations,” Michaël van de Poppe, founder and CEO of trading firm Eight, commented.
BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter
Earlier, monitoring tool Material Indicators had highlighted shifting conditions on the Binance order book, suggesting that the outcome could still favor either bulls or bears.
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Long day. Time to get some sleep and recharge for tomorrow. Going to leave you with one more #FireChart which shows bids in the $28k – $29k range continuing to move up toward the active trading range. Watching to see if bids replenish enough to take another shot at $31k or become… pic.twitter.com/ixwP1Affx9
— Material Indicators (@MI_Algos) April 19, 2023
Among traders, some participants, including bullish trader Crypto Kaleo, maintained a positive outlook.
“Remember dips are gifts,” he shared with his Twitter followers, describing the retracement as “beautiful” for reaching the range lows.
Long positions “squeezed” as liquidations rise
Conditions were challenging for those holding long BTC positions, with liquidations accumulating quickly.
Related: BTC price heading under $30K? 5 things to know in Bitcoin this week
At the time of this report, total crypto long liquidations for April 19 were approximately $175 million on platforms tracked by data provider Coinglass.
Crypto liquidations chart. Source: Coinglass
These followed a difficult day for short positions as BTC/USD had previously risen above $30,000.
This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers should perform their own research before making a choice.
