bitcoin (BTC) fell to bearish target zones on Feb. 10, as the bulls failed to hold major support above $22,000.
Crypto Deletion Rises as BTC Price Loses $22,000
Data of Cointelegraph Pro Markets and TradingView showed that BTC/USD fell to $21,633 on Bitstamp.
The pair reacted badly to regulatory fears of the United States, but had already faced days of bearish sentiment, with traders waiting for a new test of $21,000 or even less.
At the time of writing, Bitcoin was trading at around $21,800, down around 7% in February so far.
"Is the bear market pulling back or do we only have a slight correction?" Michaรซl van de Poppe, Cointelegraph contributor, founder and CEO of trading firm Eight, consulted up to date.
Some were busy shorting as BTC price action was in line with expectations, with popular Crypto trader Tony eyeing $21,400 as a potential bounce zone should losses continue to materialize.
โThe gains are good in the short term and my next target is the support group at $21,400. If we see a retest of $22,300, then this could be your chance to get in, after a failed retest,โ he said. wrote in part of the comment together with an explanatory table.
Those who stayed in long positions felt intense pain during the night. According According to data from the Coinglass data resource, long liquidations for Bitcoin alone totaled $64.6 million for February 9.
On-Chain College, a contributor to the CryptoQuant analytics platform, noted that these included $24.3 million in a single hourly candle, the most since the FTX crash in early November 2022.
On February 9, it liquidated $254 million in longs, including altcoins.
Analyst looking for lower $16,000 โconfirmationโ
Looking beyond immediate price performance, CryptoQuant contributor Venturefounder focused on whether Bitcoin was truly at the bottom macroeconomically.
Related: Arthur Hayes Bets on Bitcoin, Altcoin Rise in H1 2023 by Buying BTC
If BTC/USD were to hold the 200-day moving average (DMA) near $20,000, or even $19,000, as support, he argument on the day, there may be more significant implications for price action.
Sierra BTC/USD youtwo-year lows just under $16,000 in the aftermath of FTX, levels that at the time caused mass ask for a trip to $12,000.
โA retest of $19-$20k Bitcoin (200DMA zone) would be very appropriate here,โ Venturefounder wrote in a Twitter thread.
An additional post argued: โHolding the $19-20k during this correction would be the first confirmation that $16k was the bottom of the Bitcoin cycle.โ
The views, thoughts and opinions expressed here are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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