The price of Bitcoin has undergone a significant retracement on June 2, falling from the $10,100 level to the $9,200 level within a few minutes. As of this writing, the price is consolidating in the $9,500 area.
Amid the price crash, as of 14:53 UTC, OKEx saw $90.22 million in crypto get liquidated in the past hour, and Huobi Global liquidated $32.31 million according to the data of Golden Zone. Besides, data from the crypto derivatives platform Skew.com showed that approximately $96 million worth of long positions were wiped on BitMEX with this crazy move.
It is certain that the largest crypto can always surprise everyone with its volatile prices. Because of Bitcoin's plunge, Morgan Creek co-founder Jason Williams made an apology for his wrong prediction. "The true test is to DCA when bitcoin is above 10k. Did you prepare? Are you already packed? Or are you gonna FOMO in at 12k? Maybe wait for 15k?" he tweeted at first with a bullish attitude towards BTC. But just one hour after the above tweet, he sent another tweet, saying "Bitcoin is dead. Sorry everyone."
While the co-founder apologized for his marks, he has decided to buy the dip. The picture he posted later shows that he has submitted an order of 10 BTC with 95,732.65 GUSD.
This plunge seems to be just a result of trading activities, according to Matthew Ficke, Head of Market Development at OKCoin. Ficke pointed out that the $10,400 price level has historically been an important area. Since the fall of 2019, the crypto has entered this area three times but failed to break through the mark. Regarding this Bitcoin collapse, Ficke deemed that short-term liquidation was likely to be triggered around $10,400. "Active traders usually manage risk by setting stop-loss levels around this price," he explained.