Traders who used leverage to speculate on a potential rebound in Bitcoin and cryptocurrency prices are facing significant losses.
In the past day, a total of $704 million in leveraged crypto positions have been liquidated, as reported by CoinGlass, a market data tracker.
The majority of the liquidations affected traders who were betting on the price going up, with $556 million in long positions being liquidated compared to $157 million in short positions.
Among the liquidated positions, Ethereum longs accounted for $204 million, followed by Bitcoin longs at $196 million.
Sentiment in the crypto market is once again characterized by extreme fear, with trader Peter Brand forecasting a potential further decline in Bitcoin’s price to a range between $58,000 and $62,000.
Meanwhile, the pseudonymous analyst Credible Crypto believes that Bitcoin is on the brink of breaking its bullish trend.
“We came very close to hitting $74,000 today, but we haven’t broken through yet. To move out of the ‘danger zone,’ we would need to reclaim the $81,000 to $85,000 range.
Similar to the situation at $25,000 where defending $24,800 led to a new all-time high, I will assume that the level will be defended until it is actually breached…
For now, let’s focus on reclaiming the $81,000 to $85,000 range and go from there.”
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