PakGazette – The price of is plummeting, falling below its high and causing major sell-offs in the market. Bitcoin is currently trading at $105,154 with a slight downward trend, retreating from its recent highs of around $106,000, according to the price chart provided. The current decline underscores the volatility and difficulties near major resistance zones, even as Bitcoin maintains a long-term bullish trend.
The situation is given more weight by the settlement data. With longs suffering the biggest losses at $327.81 million versus $79.59 million for shorts, more than $407 million worth of positions were lost in the last day. With $77.99 million in Bitcoin-related positions, BTC is the second largest contributor to the total liquidations, behind others at $10,098 million.
which contributed $55.89 million in liquidated positions, also experienced significant losses. Binance is the most affected exchange with a total loss of $11.45 million, which is divided between $4.39 million in longs and $7.06 million in shorts, according to the distribution of liquidations. With $5.16 million in liquidations, OKX is in second place, with an overwhelming short bias of 81.94%, suggesting that the bearish sentiment likely caused a large number of position closures.
The unusual activity in altcoins is further highlighted by real-time liquidity data. Liquidations occurred concentrated in smaller capitalization assets such as SUI-USDT, DOGE and UXLINK-USDT. Bitcoin’s sharp decline likely caused a domino effect in the market as a whole, forcing traders who were overleveraged to quickly sell their positions. Technically speaking, buyers are stepping in to stop further declines as Bitcoin still holds near the ascending trend line.
But if Bitcoin cannot hold above important support levels like $98,400 and $97,900, there could be more selling pressure and liquidations. Going forward, traders should keep an eye on Bitcoin’s movement around the psychological mark of $100,000. Although a sustained decline could increase liquidations in leveraged positions in both Bitcoin and altcoins, a clear move above this could regain investor confidence. The market remains tense and volatility is expected to continue for some time.
