- Jun 5, 2008
Those Bitfinex charts don't matter too much anymore I think. Bitmex, Binance and Coinbase are the exchanges which drive the market now.This dump wasn't supposed to happen. It seems we were supposed to hang around $9600 last week and then go up but neither of that happened and we only touched $9600 and $10600. We had a narrowing range but I think somebody messed this one up so we could go up to $13k now.
There's no way that 24k longs over 8k shorts is a bear market. I'd like somebody to try and pull the other one on that.
It's easier to continue to push downwards from here for now with a few minor bounces as there's lots of underwater longs which are close to liquidation and not so many underwater shorts. Each time there is a new low there is another huge bunch of liquidations on Bitmex which snowballs and pushes down the price easily.