Sellers are pushing BTC price below its two-year macro lows, but anticipation about a rescue "pump" is growing.
On November 8, Bitcoin sold $200 million worth of long bets as the price of BTC momentarily fell to two-year lows.
New two-year low for BTC price
As exchange FTX maintained a gloomy tone, data from TradingView revealed devastation throughout cryptocurrency price charts.
When it was revealed that the troubled FTX would be acquired by rival Binance, the market initially recovered by over $20,000, but panic resurfaced after the Wall Street opening.
BTC/USD experienced a sharp decline that recorded a low of $17,120 on Bitstamp, losing $2,000 in less than two hours.
Bitcoin was able to surpass the previous macro lows of $17,600 set in June this year because the pair last traded there in late November 2020.
According to data from the Binance order book, the abrupt downward slide pierced the strong purchase support at $18,000.
An region of interest for trade volume was about $18,400 at the daily close on November 8; this area was still active at the time of writing, almost 12 hours later.
Meanwhile, data from the on-chain monitoring tool Coinglass showed significant losses for long investors who were caught off guard.
On November 8, BTC long positions across exchanges were liquidated for a total of $214 million, while cross-crypto long positions were liquidated for a total of $670 million.
Total liquidations for the day were $915 million when shorts were included in.
“Important weeks ahead”
Popular crypto commentators assessed the situation but were hesitant to declare the price volatility to be over.
The U.S. Consumer Price Index (CPI) inflation numbers for the month of October were already expected on Nov. 10, making it a risky day for the entire week.