• BTC traded briefly below the $20,000 price level on 10 March, leading to significant long liquidations.
• On the daily chart, increased coin sell-offs were spotted. 

In the early trading hours of 10 March, Bitcoin [BTC] traded momentarily below the $20,000 price level for the first time in seven weeks, causing market-wide liquidations.

According to data from CryptoRank, $422 million in long and short positions was liquidated from leading derivatives exchanges, with 86.2% of liquidated positions being long ones. 

While BTC reclaimed the $20,000 price level and traded at $20,662 at press time, pseudonymous CryptoQuant analyst Crazzy Blockk found that the momentary decline in the king coin’s price caused it to test the realized price of $19,700. 

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According to the analyst, “maintaining this level is necessary for the continued bullish outlook of the market.” This is so because a sustained drop below this level could indicate a significant loss in value for BTC holders.

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Author: Abiodun Oladokun

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