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BTC price dives 3% in minutes as ‘deep correction’ grips crypto market

BTC price dives 3% in minutes as ‘deep correction’ grips crypto market

Bitcoin (BTC) experienced a sudden drop in value on April 19 due to a series of long liquidations. The cryptocurrency fell to lows of $29,015 on Bitstamp, its lowest since April 10, after an unsuccessful attempt to maintain levels above $30,000.TradingView

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Despite the volatility, some traders like Crypto Kaleo remained optimistic, calling the retracement “beautiful” and a gift.

Longs Squeezed

However, conditions were unfavorable for those with long BTC positions. On April 19, total crypto long liquidations reached around $175 million on monitored platforms like Coinglass.

Crypto liquidations chart. Source: Coinglass

Shorts had also experienced a difficult day after the previous day had seen BTC rise back above $30,000. As always, investment and trading carry risk, so readers should conduct their research before making any decisions.Coinglass