Bitcoin loses $19k as $100M is liquidated in less than 4 hours

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After a bullish start to Tuesday’s trading, where Ethereum gained 6% over Bitcoin as it headed back towards $2,000, the market saw Bitcoin plunge below $19k and Ethereum below $1,500.

btc price
BTCUSD Trading View on cryptoslate
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The sharp drop in Tuesday evening’s trading saw more than $100 million in bitcoin liquidations within four hours, taking the total liquidations across the market to $222 million.

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In the early part of Tuesday, bitcoin was trading sideways, breaking barely 1% on the day as Ethereum surged in celebration of a successful Bellatrix hard fork.

However, around 6 a.m. BST, the price declined dramatically, and the Coinglass chart below shows a spike in long liquidations over the next four hours.

bitcoin liquidation
Total BTC Liquidation (Source: Coinglass)
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Further information from Coinglass states that over 100 thousand traders were liquidated in the past 24 hours, taking the total daily liquidations to $407.18 million. The most significant liquidation value on Okex was $2.57 million.

Total Liquidation (Source: CoinGlass)

At the time of writing, bitcoin bulls are struggling to defend the $19k support, which has been tested three times in the past six months. On each of these occasions bitcoin recovered within a few days.

bitcoin support
Source: BTCUSD on TradingView

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