Crypto Liquidations Cross $1 Billion in 24 Hours as Bitcoin Dips to $80,350
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- Price Action: Bitcoin dipped below $81,000, sparking mass crypto liquidations as traders sent BTC to exchanges at a loss.
- Key Figures:
- Total crypto liquidations: Nearly $1.1 billion over 24 hours.
- Bitcoin price drop: To $80,350.
- BTC short positions: Exceeded 55,000 coins sent to exchanges by short-term holders on Thursday.
Market Insights:
Data from CoinGlass shows total crypto liquidations of $1.09 billion in the 24 hours to 10 am UTC on Friday, the largest daily tally since August 21.
- Triggers: The sell-off followed reports of the US government transferring over 12,000 BTC previously confiscated, potentially fueling sales.
- Technical Analysis:
- Bitcoin's drop below key support levels increased the risk of a breakdown.
- Trader and analyst Rekt Capital highlights the upcoming weekly candle close as crucial for confirming a bullish reversal.
- Onchain Activity: Newer Bitcoin investors showed stress during the market fall, with short-term holders sending 55,600 BTC to exchanges at a loss on Thursday, according to CryptoQuant data.