February 23, 2024
Bitcoin reached $17,000 after breaking the $20,000 resistance
Digital currency

Bitcoin reached $17,000 after breaking the $20,000 resistance

The price of Bitcoin reached the level of 20,700 after Binance announced plans to acquire FTX. The price of Bitcoin reached the level of 20,700 after Binance announced plans to acquire FTX. But it did not maintain the rising level for a few more hours and reached below 20,000 dollars again. Now the price of Bitcoin reached the range of 17000 dollars.

The price of Bitcoin

The increase in the price of Bitcoin occurred after Binance announced that it would acquire the FTX exchange; The news that led to the growth of FTT by 44% and temporarily reaching the price level of $20.8. However, this token returned only for a short time. Within 4 hours, about $86 million worth of Bitcoin was liquidated. In the entire digital currency market, 303.68 million dollars were liquidated. According to Coinglass site data, most of these liquidations were made from long positions.

Reaching the price of Bitcoin in the range of 17000 dollars

Bitcoin price falling to multi-year lows is a worrying sign. Continued declines may drive remaining investors out of the market.
However, it is still important to understand what exactly caused such a sharp drop in market value, whether the bears are to blame or not. Based on on-chain data shared by Santiment.
Traders lost a significant amount of their funds yesterday during digital gold’s unexpected recovery.
The volume of liquidity in the market surprisingly showed that bears were also victims yesterday as at least 26% of all liquidated positions were shorts.
The unusual state of the market and its huge volatility was something that neither the bulls nor the bears could cover. With liquidity reaching $850 million, we witnessed one of the largest capital outflows from the industry last year.

The downward trend of the price of Bitcoin brought it to its lowest level in the last 2 years, i.e. $15,600. Now the investors incurred huge losses. Bitcoin is trading at $16,700 at the time of writing this news. Even at the current price, things are not much better.

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