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Crypto Traders Talk Bitcoin Price Direction After BTC’s Swift 13% Drop

imageCryptocurrency14 hours ago (Aug 03, 2020 02:40PM ET)

Crypto Traders Talk Bitcoin Price Direction After BTC’s Swift 13% Drop

The price of Bitcoin declined by more than 13% within 30 minutes on Aug. 2. The shocking short-term price action caused $1 billion worth of liquidations in futures contracts for Bitcoin (BTC) and Ethereum’s native token, Ether (ETH). Following the rapid sell-off, traders are cautiously optimistic and are considering both bullish and bearish scenarios.

Before delving into the various scenarios traders have in mind for Bitcoin, it is crucial to understand what caused the correction. On-chain data from Santiment suggests that warning signs emerged when the growth of daily active addresses slumped as Bitcoin topped at around $12,000.

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Crypto Traders Talk Bitcoin Price Direction After BTC’s Swift 13% Drop

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