Bitcoin gets new $50K target after BTC price crashes 6% in a day
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Bitcoin price bets saw $50,000 returning after 6% daily BTC price losses liquidated $1.25 billion of crypto positions.
Key facts
Bitcoin price bets saw $50,000 returning after 6% daily BTC price losses liquidated $1.25 billion of crypto positions
That level marked the pair’s lowest since April 5, erasing months of gains as 24-hour cross-crypto liquidations hit $1.25 billion
Rekt Capital saw price targeting its 50-month exponential moving average (EMA) at $66,250 next
Data from TradingView showed BTC/USD dropping as low as $66,948 on Bitstamp
Summary
Bitcoin (BTC) losses passed 6% after Wednesday’s Wall Street open as a cascade of liquidations gathered pace. Bitcoin falls below $67,000 for the first time since the first week of April as losses pile on. Liquidations hit $1.25 billion over 24 hours as analysis sees the mid-$50,000 range returning. BTC/USD appears to repeat a bear flag breakdown from earlier in the year.