Bitcoin’s tumble takes investors on a wild ride: bulls and bears square off

ambcrypto.com:

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. 

Source: CryptoRank

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.

Source: CryptoQuant

Currently trading at a five-week low, the sharp fall in BTC’s price on 10 March did not deter the whales from further accumulating the king coin.

According to Twitter analyst WuBlockchain , on the same day, several BTC whales were spotted buying call options with a strike price of $25,000 in the April expiration and selling the same strike call options for the June expiration. 

— Wu Blockchain (@WuBlockchain) March 10, 2023

Conversely, CryptoQuant analyst