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In the fast-paced realm of cryptocurrency, the past 24 hours have been marked by significant activity, as $624 million worth of liquidations have sent ripples through the market.
Within the last hour alone, $7.15 million in long positions and $22.68 million in shorts faced liquidation, reflecting the volatility and rapid movements inherent in the crypto landscape. Amidst this turbulence, Bitcoin stands at $63,279, capturing the attention of traders and investors navigating these dynamic fluctuations.
Bitcoin’s recent dip below $64,000, a first in two weeks, stirred up the market, accounting for $624 million of the total liquidations. Longs took the brunt of it, totaling $515 million, while shorts trailed behind at $109 million.
Over the last day, BTC long position liquidations have reached a total of approximately $177.84 million, while ETH long position liquidations are valued at around $120 million.
Zooming out to the past month, both longs and shorts have witnessed increased liquidations, hinting at a market in flux. The leverage landscape reveals intriguing patterns, with short leverage dominating recently, albeit with a potential shift looming if bearish sentiment persists.
Yet, amidst this volatility, traders remain undeterred, seizing opportunities to re-engage with the market. From the heatmap of 24-hour leverage, it’s evident that traders are strategically positioning themselves at new support and resistance levels, undeterred by recent fluctuations.
Also Read: Bitcoin Plunges to $8,900 on BitMEX Flash Crash
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