Here’s Why Bitcoin Tumbled 11% in 24 Hours

Another reason, according to Ben McMillan, founder of IDX Digital Assets, is leveraged long positions, which exacerbated the sell-off into the Asian open on Friday. “This is nearly always the case with bitcoin,” said McMillan, who said that “$40,000 was an important support which has now turned into a resistance level and we could certainly see more downside over the weekend.”

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