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Wednesday

21 October 2020

3 reasons Bitcoin price got rejected at $11,500 — and what comes next

3 reasons Bitcoin price got rejected at $11,500 — and what comes next


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The price of Bitcoin (BTC) rapidly fell after surpassing $11,500 on Binance between Oct.

Three factors likely caused the rejection to occur include a sell-off on BitMEX, a major resistance level and the stock market pullback.

Some on-chain analysts spotted a spike in selling pressure coming from BitMEX, with major market shorts coming through.

Before the initial drop from $11,540 to $11,280 occurred, many multi-million dollar short contracts appeared on BitMEX.

Consequently, the open interest of BitMEX rose from around $397 million to $414 million, when the price drop happened.

The repeated rejection from the $11,500 area has turned it into a technical resistance level in the short term.

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