bitcoin BTC
-1.30%
Long-term liquidations have surged to more than $27 million in the past day as the price correction has left the largest market-based digital asset hovering around $63,600.
Over the past 24 hours, $33.85 million has been liquidated from Bitcoin positions, while more than $132 million has been liquidated from the broader cryptocurrency market over the same period. The majority of these combined cryptocurrency liquidations (about $105 million) were long positions, according to Coinglass data.
Bitcoin is trading at around $63,649 at the time of this writing, down more than 2.4% over the past 24 hours, according to The Block’s price page. During the same period, the price of Ethereum fell more than 2% to $3,434. Currently, the global cryptocurrency market capitalization is falling to $2.45 trillion. 3.2% Over the past 24 hours, according to Coingecko data.
Bitcoin Bearish Indicators and Investor Uncertainty
Bitcoin’s drop to its lowest price in a month indicates investors are divided over the future direction of the major cryptocurrency, according to Stocklytics analyst Neil Roarty. Roarty said the Bears pointed to on-chain signals that indicate some of the largest Bitcoin holders are liquidating their holdings.
“The largest Bitcoin holders have sold a total of $1 billion worth of coins over the past few weeks,” Roarty told The Block. “If they know something the rest of the market doesn’t, it won’t be long before others follow their example.”
However, he added, naysayers will point out that Bitcoin is still just a little over 10% below its all-time high of $73,000 reached in March. “Bulls argue that this small retracement and period of consolidation is expected and healthy before Bitcoin targets $100,000. Depending on which way things break, this feels like a major inflection point for Bitcoin,” the analyst said. .
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