Today’s report highlights high liquidations of long positions amounting to over $400 million, while short positions took on a relatively smaller amount of $85 million.
According to a source report, major tokens slid down as low as 8% in the past 24 hours as bitcoin (BTC) flickered earlier last week with gains amid selling pressure caused by a stronger dollar, leading to over $400 million bullish high being liquidated
The Liquidations Amidst Some Rise
The cryptocurrency market had experienced a downturn in recent days, with the total market capitalization dropping by approximately 7.68%.
Bitcoin, the largest cryptocurrency, is currently trading at $71,279, 7.69% down over the past seven days but reflecting almost no significant increase in the last 24 hours.
Data analysts highlighted that Bitcoin fell 5%, with Ether (ETH), Cardano’s ADA, and BNB Chain’s BNB displaying identical losses. Solana’s SOL plunged 7% and traded at $185 after briefly touching $200 previously, while Dogecoin (DOGE) fell more than 8%.
Furthermore, Bitcoin Cash’s BCH plunged 10% amid profits after a 40% recovery in the past week with major tokens minus stablecoins, slumping just over 5%.
Unsurprisingly, long took on more than $400 million in liquidations, with shorts taking on a a moderately smaller turn of $85 million.
A liquidation ensues when a trader has insufficient funds to keep a leveraged trade open.
Analysts at crypto exchange Bitfinex reported that some long-term investors sold off holdings in the past week, summing up that they expected Bitcoin to be range-bound in the coming weeks.
Considerably, Professional analyst Bitfinex believes that bitcoin is likely to persist to consolidate within an extent, particularly as among Long-Term Holders (LTHs), is being traded off (although at a reasonably smaller scale than previous bull market tops).
Elsewhere, FxPro senior market analyst Alex Kuptsikevich reportedly said in a message that bitcoin faces opposition at the $71,000 level as comprehensive market caps show caution against riskier assets.
Moreover, Bitcoin’s fourth shot to consolidate above $71K this week broke down and was unsuccessful. The Nasdaq100 reports shows some downward bias, predicting a conservative perspective toward risky assets.
However, although the S&P500 closed at another high, Kuptsikevich said. Bitcoin has thus established strong resistance, and the $69.5K and $68.5K levels attract our heightened awareness.
