The power of leveraged trading and Bitmex on BTC price movements in times of low volume
Only moments after ICNN tweets of the potential for BTC to break the week long resistance level, when Bitmex closed it's site for maintenance due to the high volume of open short positions, Bitcoin realized a $250 price rally in only 7 minutes.
Though in times of high volume and bullish trending market momentum, Bitmex has negligible influence over market direction overall, in times of indecisive low volume like that seen at the time. Bitmex closed for their 30 minute server performance upgrade is a soberingly different situation.
After being alerted to the maintenance when ICNN anounced the fundamental conditions on twitter, I for one closed my short in expectation of this situation.
Safe trading everyone!
Be advised, Bitmex is closing their site for a 30 minute maintenance in just over 10 minutes. With the volume of shorts presently open it's possible we'll see a meaningful number of those orders close, allowing for a break of resistance overhead. Let's watch and see what happens— International Cryptocurrency News Network (@ICNewsnetwork) 22 August 2018
ICNN will continue to do our best to keep market participants informed of meaningful market space conditions as time continues and can best reach the community in a timely fashion through our twitter feed. Please like follow and share if you appreciate or agree with our content.