Bitcoin keeps liquidating longs as BTC price action gives up $22K support
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Loading... - Sophia Chanez
- 09 Mar 2023
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Bitcoin (BTC $21,615) traders remain sensitive even to small price movements as data shows liquidations climbing.
As BTC/USD approaches $21,600 on March 9, those who are long BTC are seeing positions evaporate.
Longs begin to disappear with BTC at three-week lows
Despite consensus forming around Bitcoin retesting $20,000, small shifts in price are still taking their toll on traders.
According to data from monitoring resource Coinglass, March 8 alone saw $24.4 million of BTC longs liquidated, the highest tally in almost a week.
This coincided with BTC/USD heading to three-week lows, abandoning $22,000 as support. At the time of writing, the downtrend continues, while liquidations for the day nonetheless remain negligible.
Including altcoins, March 8 liquidated $95 million of longs and another $15.4 million of shorts. Further data from on-chain analytics firm Glassnode captured the dominance of long versus short liquidations. Read More..
