$1 Billion Liquidated in 24 Hours as Bitcoin Price Falls Below $83,000
The cryptocurrency market has faced a significant downturn, with Bitcoin's price dropping below $83,000. This triggered $1 billion in liquidations over 24 hours, affecting 305,170 traders.
Key Facts
- Liquidations predominantly involved long positions, comprising over 80% of total liquidations at $833.24 million.
- Short liquidations totaled $170.08 million.
- Bybit and Binance were the exchanges most affected, with liquidations of $411.54 million and $242.25 million respectively.
- Bitcoin accounted for $371.66 million of total liquidations; Ethereum followed with $200.94 million.
- The largest liquidation order was a $13.40 million BTC position on Bitfinex.
Analysts have mixed outlooks on Bitcoin's recovery. Some indicators suggest a potential bullish rally despite the recent decline. Market sentiment is expected to remain slow until U.S. investor sentiment improves, according to Ki Young Ju from CryptoQuant.
The market will likely remain slow until sentiment in the U.S. improves. Key indicators are neutral, suggesting the bull cycle is still intact.
— Ki Young Ju (@ki_young_ju)
