Crypto Carnage: $500M in Longs Liquidated as Market Plunges (BTC)

“`html

  • Over $500 million worth of cryptocurrency long positions were liquidated recently, signaling a reversal on the cryptocurrency market.
  • The Bitcoin chart demonstrates a severe drop below the critical support level of $60,000, cascading down to around $57,000.
  • Interestingly, while long liquidations dominated the structure of the market, the last few hours saw a noticeable increase in short liquidations.

Analysis of recent cryptocurrency market liquidations and their impact on prices.

Bitcoin’s Drop Below $60,000

The catastrophic drop in Bitcoin’s price triggered panic selling and widespread liquidations, pushing prices down.

Short Liquidations Increase

Traders positioning themselves in shorts experienced a slight squeeze, leading to a minor rebound in prices.

Conclusion

The market faces uncertainty with Bitcoin’s next support level at $55,000 and potential resistance at $60,000 and $63,000.

“`

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Capital Group Raises Bitcoin Holdings to Over $6B as Veteran Manager Mark Casey Becomes Advocate

COINOTAG News on September 14, citing Cointelegraph, reported that...

Yala Hacker Mints 1.2B YU on Polygon, Sells 7.71M YU for $7.7M USDC and Converts to 1,501 ETH — 112.29M YU Still in Cross-Chain...

COINOTAG News, citing LookIntoChain monitoring on September 14, reports...

Wall Street Veteran Jordi Visser Predicts Institutions Will Increase Bitcoin Allocations by Year-End

COINOTAG, citing Cointelegraph on September 14, reported that Wall...

Galaxy Digital Buys 932,000 SOL (~$230M) in 6 Hours, Arkham Monitoring Shows

On September 14, COINOTAG News reported that, according to...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img