Bitcoin (BTC) to Trigger $15 Billion in Liquidations If This Happens

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Famous cryptocurrency trader and expert Ali Martinez has identified a significant price threshold for Bitcoin (BTC). Reaching this level would lead to over $15 billion in liquidations. This prediction follows the recent market slump, causing Bitcoin to fall beneath its previous peak of $62,222.

Analyst highlights $50,500 as crucial level for BTC

An analyst demonstrated on a graph that over $15 billion in sell-offs are expected in the Binance market should Bitcoin dip to a price of $50,500. This value is significant for Bitcoin as it represents its lowest point since reaching its all-time high at $59,773.

Noticeably, if Bitcoin experiences over $15 billion in liquidations on Binance, this event could significantly impact not only Bitcoin but also the larger cryptocurrency market. The market may respond with increased pressure, potentially resulting in lower prices.

#Bitcoin dropping to $50,500 will trigger over $15 billion in liquidations on #Binance alone!

— Ali (@ali_charts) April 17, 2024

When a trader runs out of money to cover their losses in the market, their positions are automatically closed against their will. This occurs when the market shifts unfavorably for the trader, causing their initial deposit to be used up.

Bitcoin went through liquidations totaling $95.97 million in the previous 24 hours, according to CoinGlass data. Long positions were responsible for $62.7 million of these losses, while short positions contributed $33.24 million. Binance reported the largest liquidation order at $103.9 million, and OKX recorded the second-highest with $92.68 million within this timeframe.

Bitcoin still bleeding 

Currently, Bitcoin is priced at $61,712 per unit, representing a 1.99% decrease over the past 24 hours. The total value of all existing Bitcoins is estimated to be around $1.2 billion.

For the past month, Bitcoin’s price had stayed above $60,000 until a recent dip. On March 5, the cryptocurrency dropped to $59,313, but bounced back the following day. By March 13, Bitcoin reached an all-time high of $73,679 on Bitstamp. (Source: U.Today)

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2024-04-18 16:13