Market data platform Skew announced that in total, there were many buy orders worth about $6.1 million. However, sell orders comprised a whopping $196 million. Skew says it was a mix of both long and short orders.
Bitcoin is expected to stand the test of uncertainty because it has been considered for a long time by proponents, as a safe haven. Recently, in the heat of the tension between the U.S and Iran earlier this year, both Bitcoin and gold which are thought to be trusted safe-haven assets, spiked.
Yesterday, Kryptomoney reported that it is possible that the current plunge is simply a correction to the gains Bitcoin has pulled in since 2020 began. Regardless, the market waits to see if support levels below $8,800 will be activated if Bitcoin continues to drop.