Bitcoin (BTC) fell into bearish target zones on Feb. 10 as bulls failed to hold major support above $22,000.
The price of BTC collapses and loses USD 22,000
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD fell to $21,633 on Bitstamp.
The pair reacted badly to US regulatory fears, but had already faced days of bearish sentiment, with traders hoping to see $21,000 again or even lower.
At press time, Bitcoin was trading around $21,800, down 7% so far in February.
“Is the bear market back or are we just seeing a slight correction?” HE I was asking that day Michaël van de Poppe, a Cointelegraph contributor and founder and CEO of trading firm Eight.
Some were busy shorting as BTC price action was in line with expectations, with popular Crypto trader Tony targeting $21,400 as a potential bounce zone should losses continue to materialize.
“My next target is the $21,400 support group. If we see a pullback to $22,300, then this could be your chance to get in, following a failed pullback.” wrote in part of the comment together with an explanatory graphic.
“Those who remained in long positions felt intense pain overnight. According to data from Coinglass, liquidations of long positions in Bitcoin amounted to $64.6 million on February 9.
On-Chain College, a contributor to the CryptoQuant analytics platform, he pointed that these included $24.3 million in a single hourly candle, the most since the FTX crash in early November 2022.
On February 9, $254 million in long positions, including altcoins, were liquidated.
Analyst Seeks “Confirmation” of $16,000 Low
Beyond the immediate price developments, CryptoQuant contributor Venturefounder focused on whether Bitcoin had bottomed out.
If the BTC/USD pair were to preserve the 200-day moving average (DMA) near $20,000 – or even $19,000 – as support, it could have more significant implications for price action, argument the analyst.
The BTC/USD pair recorded two-year lows just below $16,000 in the aftermath of the FTX crash, levels that at the time prompted massive calls for a trip to the $12,000 level.
“A pullback to the $19,000 – $20,000 zone for Bitcoin (200 DMA zone) would be very appropriate here,” Venturefounder wrote in a Twitter thread.
Another post argued: “Holding $19,000-$20,000 during this correction would be the first confirmation that $16,000 was the bottom of the Bitcoin cycle.”
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