- Around $2.17 billion in longs will be liquidated if Bitcoin drops below $60,000.
- Over $1 billion in shorts will be liquidated if Bitcoin breaks above $66,000.
- If Bitcoin loses $60,000, $800 million in longs will be liquidated on Binance.
Bitcoin (BTC), the top digital asset, hovers near the $60,000 mark, despite a recent rally that pushed it past this level. The cryptocurrency aims to overcome the $64,000 resistance zone, but billions in liquidations loom.
Data from Coinglass’s Bitcoin Exchange Liquidation Map reveals that if BTC falls below the $60,000 price level, approximately $2.17 billion in longs will be liquidated from exchanges, with $208.62K liquidated on OKX and $57.97K on Bybit.
A significant concern is that if Bitcoin drops below $60,000, close to $800 million in longs will be liquidated on Binance. This liquidation could further trigger a price crash, leading to a cascading effect and an even more substantial price drop. Additionally, if Bitcoin declines to the $58,000 price level, over $2.25 billion in longs will be wiped out from the entire space.
Read also : Crypto Liquidations: Key Levels for BTC, ETH, SOL, and More
At the time of writing, the price of the cryptocurrency stands at $63,797.26, up around 3% in the past 24 hours with an 11.00% drop in its trading volume, which stands at $40.8 billion as per the data from CoinMarketCap.
The market leader is down 13.5% from its all-time high of $73,750.07 witnessed in March earlier this year following the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.
Potential for Short Liquidations
On the other hand, a mere $24.12 million in shorts will be liquidated if Bitcoin surpasses the $64,000 price level. If the market leader breaks through the $65,000 price level, $737.57 million in shorts will be eliminated from the crypto space, with $207.92K being liquidated on OKX.
Read also : Bitcoin Price Needs to Double to Boost Miner Revenue, Says PlanB
More than $1 billion in shorts will be liquidated from the crypto market if Bitcoin climbs above the $66,000 price level, with $108.64K being liquidated on OKX. The liquidation of shorts could further fuel a bullish rally in the price of BTC, which is up 9.76% in the last seven days and 7.30% in the past month.
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Source: https://coinedition.com/bitcoin-at-a-crossroads-60k-support-vs-2-billion-liquidations/