As a seasoned crypto investor with a decade of experience navigating the tumultuous seas of the digital asset market, I must admit that the recent downturn in Bitcoin’s price has left me both intrigued and slightly amused. The wild volatility of our beloved Bitcoin is nothing new to us veterans, but it’s always fascinating to see how the market reacts around significant resistance zones.
The price of Bitcoin is plummeting, falling below its peak and leading to significant market liquidations. Bitcoin is currently trading at $105154 with a slight downward trend, retracing from its recent highs of about $106,000, according to the price chart provided. The present decline underscores the volatility and difficulties in the vicinity of significant resistance zones, even though Bitcoin maintains a longer-term upward trend.
The impact of the current situation has significantly increased due to the large-scale losses reported from the liquidation process. Long positions have taken the brunt of these losses, amounting to a staggering $327.81 million, compared to $79.59 million for short positions. This translates to over $407 million in losses in just one day. In terms of Bitcoin (BTC), it is the second-largest contributor to these total liquidations, with a value of $77.99 million. However, it lags behind other contributors by approximately $10,098 million.
Ethereum saw $55.89 million worth of liquidated positions and suffered substantial losses. Binance took the hardest hit with a total loss of $11.45 million, broken down into $4.39 million in long positions and $7.06 million in short positions based on the distribution of liquidations. OKX follows closely behind with $5.16 million in liquidated positions, indicating an 81.94% bias towards short positions, suggesting that a large number of bearish positions might have been closed due to the dominant negative sentiment.
Unusual activity in altcoins is further highlighted by real-time liquidity data. Concentrated liquidations occurred in smaller-cap assets like SUI-USDT, DOGE and UXLINK-USDT. The steep decline in Bitcoin probably caused a domino effect on the market as a whole, forcing traders who were overly leveraged to quickly sell their positions. Technically speaking, buyers are intervening to stop additional declines as Bitcoin is still supported close to the rising trendline.
If Bitcoin fails to maintain itself above crucial support points such as $98,400 and $97,900, there may be an increase in selling activity and forced liquidations. It’s wise for traders to monitor Bitcoin’s behavior near the psychological threshold of $100,000. A prolonged drop could result in widespread liquidations across leveraged Bitcoin and altcoin positions, but a decisive break above this level could restore investor trust. The market remains anxious, and price swings are likely to persist for the foreseeable future.
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2024-12-18 17:47