Bitcoin Price Drops to $3,637, Rebounds Above $5,200 Within Minutes

Mar 12 , 2020

Within the last hour Bitcoin price dropped below $4,000 after abruptly plummeting 11.24% to a new yearly low at $3,782. The sharp downside move seems short lived as the price quickly rebounded to $5,260.

On the 1-hour timeframe traders will notice that a strong oversold bounce took place after the relative strength index dipped to 8.45, a low not seen since November 23, 2018.

For the time being, traders will closely watch to see if the current oversold bounce leads to a more sustained uptick in purchasing volume and some have taken to crypto-Twitter with speculations that the drop below $4,000 may have liquidated the majority of the Bitcoin loans offered by decentralized finance platforms.

Bitmex being Bitmex

Meanwhile high volatility was happening magically Bitmex went off with the following message: "A hardware issue has caused BitMEX requests to be delayed during a period between 02:16 UTC and 02:40 UTC, with systems recovering shortly thereafter.

A final system switchover was executed at 03:00 UTC to scale this critical system. There may be minor instability over the next few minutes, after which we expect this problem to be resolved. A full incident report will follow." Of course position were liquided both direccitons long and shorts, also they increased withdrawal fees in the exact moment to 0.001 to 0.004.

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