Bitcoin took a big hit from the BTC transfers made by the bankrupt cryptocurrency exchange Mt.Gox as part of the refunds it started.
In this context, while BTC dropped below $ 54,000, the US Non-Farm Employment data to be announced today is expected to have an impact on the price.
Investors who tend to evaluate short-term price movements in Bitcoin enter short with the expectation that the decline will continue, while some investors take long positions.
However, Bitcoin can make sudden and sharp movements up and down, thus liquidating investors in both directions.
According to Coinglass data, if Bitcoin rises to $56,000, $791 million in short positions could be liquidated.
Conversely, if Bitcoin drops to $50,000, long positions worth $489 million will be liquidated.
Direction in Bitcoin: Mt. Gox Will Determine!
While the battle between bears and bulls in Bitcoin continues, Rachel Lin, CEO and co-founder of decentralized exchange SynFutures, speaking to Decrypt, said that the selling pressure in Bitcoin is unlikely to decrease in the coming days.
Lin said the market is Mt. He stated that he expects most Gox users to sell their Bitcoins, but if sales are lower than expected, there may be a jump in Bitcoin.
“Bitcoin selling pressure is unlikely to ease in the coming days”
German government still owns more than $2.3 billion in Bitcoin, Mt. Gox has more than $8 billion worth of Bitcoin and the US government has more than $12 billion worth of Bitcoin.
If sales are lower than expected, we could see a rebound.
“On the other hand, if there is enough sales to push the price down, the $50,000 level may come.”
*This is not investment advice.
