More than $100 million in Bitcoin long positions have been liquidated on derivatives exchange BitMEX following a ferocious move below $7,000. The world’s largest cryptocurrency has now obliterated the $7,900 and $7,400 levels of support, with the next key level coming in at $6,750. This morning’s dramatic move to the downside means that a death cross on the daily chart will happen during tonight’s daily candle close. A death cross is where the 200 EMA gets crossed by the 50 EMA to the downside, which has only happened twice since 2014. On both occasions, Bitcoin slumped by more than 60%, which in this case would drive BTC well below yearly lows of $3,150. Bitcoin is now down more than 30%

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