NewsBTC
18 hour ago
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Bitcoin Faces Resistance After $600M Short Liquidation Amid Low USDT Volume

Bitcoin remains stable around the $88,000 mark after a volatile trading week, with price fluctuations between $85,000 and $90,000.

Key Points on Bitcoin Futures

  • The market saw two major short liquidation events, each over $300 million, totaling $600 million in losses.
  • Short liquidations occur when traders betting on price drops are forced to buy back as prices rise, potentially creating a temporary rally.
  • These liquidations can lead to resistance unless followed by strong spot buying and increased volume.

USDT Transaction Volume and Market Liquidity

  • USDT transaction volumes on TRON and Ethereum have significantly declined, indicating reduced liquidity.
  • TRON transactions fell from $13 billion to $1.7 billion, an 86.9% drop.
  • Ethereum transactions decreased from $35 billion to $3.7 billion, an 89.4% decline.
  • Lower liquidity may hinder further price increases for Bitcoin despite recent gains.

Currently, Bitcoin trades at $88,321, marking a 0.72% gain in the last 24 hours.