Bitcoin dips 3% in minutes amid 'deep correction'

The biggest crypto currency in terms of market value dropped $1k in 15 minutes

Bitcoin suddenly reversed gains today as long liquidations sent BTC/USD tumbling.

The biggest crypto currency in terms of market value dropped $1k in 15 minutes.

The sell-off did not seem to come from any immediate fundamental reason. Though, it was probably a long squeeze as more than $25mln in Bitcoin futures were liquidated – of which longs, or speculations on increasing prices, made 98 per cent of the positions.

The decline led to a sell-off in the wider crypto market, with ether dropping 3 per cent in the past hour.

According to data from Cointelegraph Markets Pro and TradingView, the pair hit lows of $29,015 on Bitstamp.

The abrupt move came after a similar solid bounce back above the $30k mark the day earlier, with bulls finally not able to preserve higher levels.

As volatility returned, Bitcoin consequently dropped to its lowest since April 10 as uptrend saw its latest challenge.

Deep correction on the markets, as Bitcoin cannot stay at $29,700-29,800 and comes downwards through liquidations, Michael van de Poppe, founder and CEO of Eight, said.

Hours earlier, monitoring resource Material Indicators had flagged changing conditions on the Binance order book, contending that the outcome could still swing both ways, with either bulls or bears profiting.

Traders such as bullish trader Crypto Kaleo, stayed hopeful.

Remember dips are gifts, Kaleo apprised his followers on Twitter, terming the retreat "beautiful" for tagging the range lows.

Conditions were nevertheless bad for those long BTC, with liquidations stacking up quickly.

The total crypto long liquidations for April 19 sat at about $175mln on platforms tracked by Coinglass.

These came after a painful day for shorts as BTC/USD came back to above $30k.