The leading cryptocurrency Bitcoin (BTC) came very close to $ 100 in the past weeks, but then dropped to $ 90,000 with a sudden decline.
However, with the subsequent recovery, Bitcoin rose to $95,000, and while investors were trying to predict which direction BTC would move, the latest data came from the cryptocurrency tracking platform Coinglass.
Bitcoin’s price action is set to trigger major liquidation events on mainstream cryptocurrency exchanges (CEX), according to the latest data from Coinglass.
“At this point, if the Bitcoin price drops below $94,000, $1.05 billion worth of long positions will be liquidated.
In contrast, $811 million worth of BTC short positions on CEXs will be liquidated if Bitcoin rises above $97,000.”
According to current data, $280 million worth of leveraged transactions were liquidated in the last 24 hours, while $113.4 million worth of long positions and $167.3 million worth of short positions were liquid.
Again, while 98,394 traders were liquidated in the last 24 hours, the largest liquidation occurred in the ETH/USD transaction on BitMEX.
*This is not investment advice.