Two Levels in Bitcoin Are Critical: Cumulative Liquidations Could Go As High As $665 Million
According to Coinglass data, a $665 million liquidation could be triggered if the Bitcoin price fails to reach two critical levels.
Bitcoin’s price action is set to trigger major liquidation events on mainstream cryptocurrency exchanges (CEX), according to the latest data from cryptocurrency tracking platform Coinglass.
If Bitcoin falls below $58,000, the cumulative long order liquidation intensity on these exchanges could reach $517 million. In contrast, if Bitcoin rises above $60,000, the cumulative short order liquidation intensity is expected to rise to $665 million.
While the Coinglass liquidation chart does not show the exact number or value of contracts to be liquidated, it does highlight the relative strength of each liquidation cluster. These “liquidation columns” show how much the underlying price will be affected when certain levels are reached. A higher column indicates a stronger price reaction to the subsequent liquidation wave.
According to current data, the market saw $86.39 million in long liquidation and $56.42 million in short liquidation in the last 24 hours, with the difference being $29.97 million.
29,973 traders were liquidated in the past 24 hours.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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