U.Today - Renowned crypto trader and analyst Ali Martinez has outlined a crucial price level for Bitcoin (BTC) that will see it hit over $15 billion in liquidations. The analyst’s projections come on the heels of the recent market downturn, which resulted in Bitcoin dropping below its cycle high of $62,222.
Analyst highlights $50,500 as crucial level for BTC
It is worth noting that the implications of Bitcoin seeing liquidations of over $15 billion in Binance alone would ignite huge implications not just for the cryptocurrency but also for the entire crypto market. This could exert pressure on the market, leading to a further decline in prices.
Liquidations occur when a trader's position is forcibly closed due to insufficient funds to cover losses. This happens when the market moves against the trader's position, resulting in the depletion of their initial margin.
CoinGlass data shows Bitcoin has seen liquidations of $95.97 million in the past 24 hours. Of these figures, long positions accounted for $62.7 million, while short positions accounted for $33.24 million. Per liquidations from exchanges, Binance recorded the highest order at $103.9 million, followed by OKX with $92.68 million within the last 24 hours.
Bitcoin still bleeding
According to a U.Today report, this is the first time in over a month that the price of Bitcoin has fallen below $60,000. Bitcoin fell to $59,313 on March 5, recovered the next day, and eventually reached its all-time high of $73,679 on the Bitstamp platform on March 13.