- A major 100x-long liquidation event triggered a rebound from $94,200 to $98,000.
- Bitcoin liquidations totaled $244 million, with key liquidity zones around $94,400–$95,500.
- A drop below $99,000 could trigger $1.3 billion in liquidations, intensifying selling pressure.
Bitcoin’s liquidation heatmap has revealed a significant 100x-long liquidation event within the past 48 hours. A recent tweet from Bitcoinsensus highlights a liquidity grab near $94,200, which led to a rebound towards $98,000, where resistance is forming.
Liquidations occur when leveraged traders fail to maintain margin requirements, leading exchanges to close their positions automatically. High-leverage trades, such as 100x longs, are particularly vulnerable to market fluctuations, making them prime targets for liquidity hunts. These movements often result in sharp price swings, trapping over-leveraged traders.
The liquidation heatmap provided by CoinGlass showcases areas of high liquidation activity, offering insight into price levels where liquidity is concentrated. BTC’s recent liquidation event suggests that large players may manipulate price levels to capture liquidity before a potential price rebound or further decline. Recent data from CoinGlass indicates that BTC’s liquidation zones remain concentrated around $94,400–$95,500, reinforcing these price levels as key battlegrounds.
Bitcoin Liquidations Hit $45 Million
Over the last 24 hours, 120,563 traders were liquidated, with the total liquidation amount reaching $247.08 million. BTC liquidations reached at $45 million in the past 24 hours, with long positions contributing $28.95 million and short positions contributing $14.81 million. These figures underscore the high-risk nature of leveraged trading amid Bitcoin’s volatile movements.
Despite these liquidations, BTC has shown resilience, hovering above key liquidity zones. Over the past 24 hours, BTC surged 0.19%, reaching $97,311. Analysts suggest this stability indicates strong market support, potentially paving the way for upward momentum. However, traders remain on high alert, as a drop below $99,000 could trigger an additional $1.3 billion in liquidations, intensifying selling pressure.
Market participants closely monitor Bitcoin’s price action, looking for signs of stabilization or further breakdowns. Given the elevated volatility, Bitcoin’s next moves could significantly influence the broader cryptocurrency market. As traders navigate these turbulent conditions, liquidation heatmaps are critical tools for assessing potential price movements and liquidity traps.
Read More: Massive Bitcoin Liquidations : Record $1.6B Wiped Out in Crypto Exchanges