More Than $20 Million In Long Liquidations As Bitcoin Falls To $41,000
March 21 2022 - 7:00PM
NEWSBTC
Bitcoin had broken above $40,000 again last week, marking the
digital asset’s fifth break above this point this year alone. Given
that it has been trending in its $36-$38k support level before
this, traders had taken to placing their trades in anticipation of
the cryptocurrency’s next movements. The digital asset had barreled
towards $42,000 leaving positive sentiment in its wake but
resistance at this point proved devastating for long traders.
Bitcoin Long Traders Suffer Losses A recent pullback in the price
of bitcoin saw a significant amount of long liquidations rock the
market. Bitcoin which was expected to early break through $42,000
has met more resistance than anticipated. Bears had put up one hell
of a fight at this point and in the end, the bulls had succumbed to
this pressure, causing the price of the digital asset to revert
back down. Related Reading | Shiba Inu Exodus: 32,000 Holders
Lose Interest In The ‘Dogecoin Killer’ In the wake of this had been
massive liquidations. In a single hour, bitcoin saw more than $20
million in long liquidations happen in the early hours of Monday.
These liquidations ramped up as the price fell back below $42,000,
eventually reaching as low as $40,889. At this point, BTC had
recorded one of the highest hourly long liquidations in its
history. It came out to almost $21 million in longs liquidated just
as the asset fell below $41,000. More than $53 million BTC
liquidated in 24 hours | Source: Coinglass In the last 12 hours as
at the time of this writing, bitcoin had seen more than $31 million
liquidated. Covering a wider stretch sees $53.63 million in BTC
liquidated over the past 24 hours. Crypto Market Suffers
Liquidations As the price of bitcoin and other digital assets in
the space had turned green, investor sentiment had grown more
positive. It is with this positivity that long traders have been
trading. Bitcoin which had made it back above its 50-day SMA had
established another bullish trend, one expected to ride through
above $44K. However, as is typical of the crypto market, the price
of the asset had gone back down. BTC begins another recovery trend
| Source: BTCUSD on TradingView.com Naturally, the rest of the
market had followed the trend of bitcoin, seeing them suffer the
same fate. Although other assets did not record liquidations as
high as that of BTC, they were hit by the wave nonetheless. Related
Reading | Bitcoin Breaks Past The $40,000 Barrier Again – Can
It Sustain The Momentum? The second-largest cryptocurrency by
market cap, Ethereum, has seen more than $5 million liquidated over
the past 12 hours and a total of $27.37 million liquidated over the
last 24 hours. In total, the crypto market has recorded a
cumulative value of $70.13 million in liquidations in the last 12
hours. And for the last day, $167.72 million have been liquidated.
Bitcoin has once again resumed its recovery trend, breaking above
$41k. It is currently trading at $41,205 as at the time of this
writing. Featured image from Finance Magnates, charts from
Coinglass and TradingView.com
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