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The cryptocurrency world continues to face cold winds. In our articles about Bitcoin from this morning, we had stated that the $60,000 level was acting as a critical support. Bitcoin has moved towards this critical support several times but rebounded from around $60,200, surpassing the $61,000 level. However, with the court case of former Binance CEO CZ also in play, we see sharp movements in Bitcoin.
Bitcoin Falls Below $60,000
We witnessed a decline in Bitcoin immediately after the court judging CZ announced its decision. At the time of writing, the Bitcoin price had dropped to $59,751.
Bitcoin has since recovered slightly, now back above $60,000. These rapid movements in Bitcoin have led to the liquidation of positions by investors who took long and short positions in the last 24 hours. A total of $356 million in positions have been liquidated, with $294 million of these being long positions.
Finally, with 112,786 investors closing their positions in this environment, predicting what’s next for Bitcoin, the flagship of cryptocurrencies, is not actually difficult. All eyes will now be on the FED‘s interest rate decision to be announced tomorrow.
