Bitcoin price slides 5% as second day of losses costs Ethereum $2K landmark

Bitcoin price slides 5% as second day of losses costs Ethereum $2K landmark


Bitcoin (BTC) extended its price drop on Wednesday amid warnings that excessive long positions needed to be flushed out to allow for fresh gains. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingviewBTC price barely clings to $56,000 support

Cointelegraph Markets Pro and TradingView showed BTC/USD hitting new local lows of $55,760 during Wednesday trading. 

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A second day of more substantial losses for the pair came as altcoins also began to reverse their earlier successes, with Ether (ETH) dropping below $2,000.

A look at trader behavior pointed to leveraged long positions in place at previous spot price, indicating belief that further upside is more likely than another correction. These positions, analyst Filbfilb believes, need to be liquidated before Bitcoin can make a meaningful attempt at new all-time highs.

The latest price action went some way to refreshing market composition — $2 billion in liquidations in the past 24 hours, $600 million of which in a single hour alone, according to data from monitoring resource Bybt.

“A large inflow

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