Cryptocurrency markets faced a deep correction on April 19, as Bitcoin (BTC) saw a sudden fall from its recent high of $30,000 to a low of $29,015 on Bitstamp. The move caused a wave of long BTC liquidations and brings the price of the cryptocurrency to the below the $30,000 mark for the first time since April 10.

Prior to the slump, material indicators had flagged changing conditions on the Binance orderbook, noting that the result could go either way. It seems in the end, the bearish outcome was the winner, with traders getting caught out amid soaring volatility.

Michael van de Poppe, founder and CEO of trading firm Eight, captured the nature of the day with the term 'deep correction', noting how the $29,700 - $29,800 level couldn't be held, resulting in Bitcoin shooting downwards through a cascade of liquidations.

Traders reported total BTC long liquidations for April 19 as reaching $27 million on platforms monitored by data resource Coinglass. For those that held onto their long positions, the setback was severe, however bullish traders such as Crypto Kaleo remained optimistic, remarking that the dip was a 'gift' and that it was 'beautiful' to tag the range lows.

Overall, the day saw wild swings in Bitcoin's value, demonstrating the risks that are inherent with investing in cryptocurrencies. The market slowdown follows a period of rapid growth over the last six months, with ample opportunities for novice and experienced traders alike to benefit since the start of 2021.



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