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Bitcoin briefly slips under $9k; triggers liquidations worth $11M

Namrata Shukla

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Source: Pixabay

Bitcoin has been taking continuous hits in the spot market and at press time, the coin was noting a fall of 3.37% – a fall that pushed the price of the coin under $9k. According to the Chaikin Money Flow [CMF] indicator, the digital asset surged to occupy the overbought zone after Bitcoin’s price recorded a sudden plunge on 26 February.

Source: BTC/USD on Trading View

Source: BTC/USD on Trading View

According to the chart provided by data analytics firm Skew, almost $11 million longs were liquidated. $9,300 was looked upon as strong support since 5 Feb, however, as the coin went under this mark sell-order might have been triggered.

Source: Skew

 


Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.