Things are not looking good for Goldman Sachs’ trading call on Bitcoin’s price.
The price of Bitcoin has fallen below $11,000, and is currently hovering $10,980–signifying a 3.5 percent drop for the day. It remained relatively stable just below $11,400 for the majority of the day before falling 1.7 percent in a single hour.
The top three coins have followed suit, with Ethereumheading back towards the $200 mark and XRP staying below $0.30.
Most of the coins in the top 100 are in the red with VestChain and Maximine Coin (a coin pumped beyond degree) posting the greatest losses. Both are down by more than ten percent. In contrast, ABBC coin is up 18 percent after its coin spiked 64 percent in one hour yesterday before slowly coming back down to Earth.
When the price of Bitcoin dropped, traders going long (betting the price would go up) were thereby liquidated. Datamish shows that more than $30 million in longs were liquidated on BitMEX alone.
This doesn’t pose well for anyone betting on Goldman Sachs’ advice. The investment company sent a note to its institutional clients speculating that Bitcoin may retrace to $11,094 before pumping towards $13,000. Might it recover in time?