Bitcoin (BTC) experienced downward pressure leading up to the Wall Street open on April 17 as long positions were sold off. The price of BTC/USD fell to its lowest level in a week, dipping to $29,247 on Bitstamp. Even though gains in Asian stocks were not enough to boost Bitcoin’s price, some traders saw the dip as a potential buying opportunity, while others warned of further drops, with potential support coming in at around $28,500. Despite the overall optimism, long liquidations for April 17 totalled nearly $29 million at the time of writing, with cross-crypto liquidations standing at around $67 million. The US dollar has been making gains, and the US Dollar Index (DXY) also rose following its lowest point in a year, a trend that analysts say was “the most telegraphed bottom that most failed to see.”
Bitcoin sparks liquidations as analyst says BTC price may dip 12% more
