At night, Bitcoin updated its three-month low. Exchanges liquidated $810 million worth of traders' positions.
Coinglass tracked 208 thousand margin orders that were forcibly closed over the past 24 hours. The largest liquidation of $10 million took place on BitMEX.
Sellers are still maintaining their pressure, making it possible for the value of the asset to continue to fall from current levels.
Experts believe that a number of factors are influencing the market. Among them are the Federal Reserve’s decision to withdraw dollars from circulation (the actual cessation of funding for many sectors) and the latest events in Kazakhstan, which could significantly collapse the Bitcoin hashrate.
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On the bitfinex exchange, the price of bitcoin rose by $1,500 in just a couple of hours, from $6,294 to $7,788, which is a 24% increase. However, such a jump did not occur on other exchanges. This is associated with the exchange’s use of the stable token tether.
Analysis of cryptocurrency pairs BTC/USD, ETH/USD, XRP/USD as of 08/13/2018
Before the next decline, the market can test the strength of the nearest resistance levels
