Bitcoin suddenly reversed gains on April 19 as a long series of liquidations sent BTC/USD plummeting.

Bitcoin sees ‘beautiful’ retracement

Data from Cointelegraph Markets Pro and TradingView followed the pair as it dropped to a low of $29,015 on Bitstamp.​

The sudden move follows an equally strong rally above $30,000 the previous day, with bulls ultimately unable to hold higher levels.

Bitcoin fell to its lowest since April 10 as volatility returned, as the move to the upside encountered its latest challenge.

“Deep market correction as Bitcoin cannot hold $29,700-29,800 and rushes downwards through a cascade of liquidations,” responded Michaël van de Poppe, founder and CEO of trading firm Eight.

A few hours ago, monitoring resource Material Indicators had flagged the changing situation on Binance’s order book, suggesting that the outcome could still swing in both directions, with either longs or shorts making profits.

Among traders, some players, like bullish trader Crypto Kaleo, remain optimistic.

“Remember dips are gifts,” he told Twitter followers, calling the retracement marking the range low “beautiful.”

Longs are ‘squeezed’ as liquidations mount

For those long BTC, things were dire, with liquidations mounting rapidly.

At the time of writing, crypto long liquidations totaled about $175 million on April 19 across platforms monitored by data resource Coinglass.

It was a painful day for bears as BTC/USD moved back above $30,000.