Bitcoin Longs Liquidated as BTC Drops Below $61,000
Bitcoin (BTC) saw the liquidation of over $122 million in leveraged long positions as its price fell below $61,000, raising concerns about a potential drop below the crucial $60,000 level.
Data from CoinGlass revealed that over $122 million in leveraged long Bitcoin positions were liquidated within 24 hours leading up to 1:25 pm UTC on June 24. This liquidation was triggered by a sharp intraday price drop of over 5%, with Bitcoin briefly dipping below $61,000. On a weekly chart, Bitcoin has declined by more than 7%, according to CoinMarketCap.
Leveraged positions often highlight key price levels for an asset. CoinGlass data indicates that if Bitcoin falls below $60,500, it could lead to the liquidation of over $180 million in leveraged long positions across all exchanges.
Mt. Gox Repayment Could Impact Bitcoin Price
The price decline coincides with the announcement from the defunct crypto exchange Mt. Gox, which plans to start repaying its users. More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 creditors, who have waited over a decade to access their funds. This could introduce substantial selling pressure to the market.
Read More: https://onthenode.com/cryptocurrency/bitcoin-longs-liquidated-as-btc-drops-below-61000
Bitcoin (BTC) saw the liquidation of over $122 million in leveraged long positions as its price fell below $61,000, raising concerns about a potential drop below the crucial $60,000 level.
Data from CoinGlass revealed that over $122 million in leveraged long Bitcoin positions were liquidated within 24 hours leading up to 1:25 pm UTC on June 24. This liquidation was triggered by a sharp intraday price drop of over 5%, with Bitcoin briefly dipping below $61,000. On a weekly chart, Bitcoin has declined by more than 7%, according to CoinMarketCap.
Leveraged positions often highlight key price levels for an asset. CoinGlass data indicates that if Bitcoin falls below $60,500, it could lead to the liquidation of over $180 million in leveraged long positions across all exchanges.
Mt. Gox Repayment Could Impact Bitcoin Price
The price decline coincides with the announcement from the defunct crypto exchange Mt. Gox, which plans to start repaying its users. More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 creditors, who have waited over a decade to access their funds. This could introduce substantial selling pressure to the market.
Read More: https://onthenode.com/cryptocurrency/bitcoin-longs-liquidated-as-btc-drops-below-61000
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