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.

“`

BREAKING NEWS

VANECK FILED AN UPDATED VERSION OF ITS SPOT SOLANA ETF S-1 APPLICATION

VANECK FILED AN UPDATED VERSION OF ITS SPOT SOLANA...

ETHEREUM DAT ETHZILLA SELLS $40M ETH FOR STOCK BUYBACKS: Link

ETHEREUM DAT ETHZILLA SELLS $40M ETH FOR STOCK BUYBACKS:...

Solana’s Bitwise SOL Staking ETF (BSOL) Goes Live on Oct 28 with Direct SOL Staking and 100% Spot SOL

On October 28, Multicoin Capital managing partner Kyle Samani...

Solana (SOL) Bitwise SOL Staking ETF to List on Oct 28 as Kyle Samani Deletes Tweet — Reason Unclear

COINOTAG News reports that Multicoin Capital Managing Partner Kyle...

Huang Licheng Increases HYPE Long to 88,000 Coins and ETH Long to 2,450 ETH, Highlighting Major Unrealized Gains

COINOTAG News, citing HyperInsight data dated October 28, shows...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img