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

ETH Whale Loses 820 ETH (~$3.4M) After Panic Sell at $3,764 and Rebuying 7,817 ETH at $4,159

COINOTAG News on October 13, citing EmberCN on-chain monitoring,...

ETH Whale Loses 820 ETH ($3.4M) After Panic Sell at $3,764, Re-enters at $4,159 to Buy 7,817 ETH with $32.5M DAI

COINOTAG (Oct. 13), citing EmberCN monitoring, reports a whale...

ETH Whale Recoups Investment After 25x Hyperliquid Long — ~$8M Unrealized, $5.8M Total Profit

According to OnchainLens monitoring reported by COINOTAG, a crypto...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img