Based on CoinGlass’s statistics, more than half a billion dollars worth of perpetual crypto futures have been liquidated over the past day. This potential record-breaking event since 2025 could mean that approximately $461.29 million was lost on long positions and about $71.39 million on short positions.
Even as other investors are selling off their holdings, the value of Bitcoin (BTC) has dropped to its lowest in two months, a level last seen around mid-November. Interestingly, at that time, the price of BTC was on an upward trend. In contrast, recently we’ve witnessed Bitcoin dropping below this specific price mark.
Traders such as Peter Brandt consider the recent drop in Bitcoin’s price to be an affirmation of the ‘head and shoulders’ chart formation. If this pattern holds true, the price of Bitcoin might find respite near approximately $77,000.
Interestingly enough, or perhaps not, this current level aligns perfectly with the unfilled gap in the CME Bitcoin futures chart. This gap emerged due to the swift rise of the asset in November and has remained unfulfilled, serving as a potential pullback point for the price at some stage. One could speculate that now might be the moment.
Altcoin season — Delayed?
It’s evident that everyone is affected with injuries (metaphorically speaking), as both bears and bulls, particularly the bulls, are feeling the brunt of the market’s decline.
Instead of the overleveraged positions collapsing initially, it was the leverage itself that tumbled first, as the prices of many alternative cryptocurrencies plummeted by double digits. Even those who believed they had a secure leveraged position started receiving margin call notifications.
As an analyst, it’s not surprising to find that a substantial portion, approximately $127.86 million, can be attributed to ‘others,’ encompassing a variety of small-cap altcoins. These were the digital assets that endured the brunt of the recent market downturn.
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2025-01-13 17:58