BitMEX reports over $3.18 million liquidations for BTC longs within an hour

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Dec 24, 2019
Updated: Mar 11, 2020
  • Bitcoin price in the last 24 hours saw a significant slip, which led to massive liquidations for Bitcoin longs on BitMEX.
  • BTC price dropped by several hundreds of dollars, although it also started seeing a recovery in the past six hours.
  • As the price approaches its pre-drop levels, experts believe that another rejection might be imminent, likely forcing the coin down to $7,100.

The holiday season has started, but those who had hoped that the crypto market would see some levels of stability during this period ended up being disappointed. In the last 24 hours, Bitcoin saw significant negative price movements in a series of drops, although there was also some sideways movement from time to time.

While BTC saw some bullish movement in the last couple of days, yesterday’s daily close was rejected at the two-year moving average close to $7,529. As a result, BTC took a sharp turn for the worse, resulting in a bearish market, which in turn led to massive liquidations on BTC longs on BitMEX.

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Within a single hour, BTC dropped by around $100, going from $7,300 to $7,200 during this period. While this is not a price movement that would be considered extreme in Bitcoin’s case, the $3.18 million liquidations for Bitcoin longs, as reported by BitMEX, are worthy of note.

BTC on the road of recovery

In the last six hours, however, Bitcoin saw another price increase which took it back above $7,400, which was followed by a rejection to $7,353, and then another increase to the current $7,471, according to CoinMarketCap.

Experts predicted that the coin would likely sink to $7,100 in order to fill the CME gap that was left after last weekend’s surge that took the coin from $7,235 to $7,420. For the moment, futures price on CME sits at $7,300, according to recent reports, while a new 0.9% drop is expected to arrive in the near future.

As for CoinMarketCap, the website is reporting a 1.36% drop in BTC price during the last 24 hours, in total. The 1-Day chart shows that BTC price is currently recovering from its drop from $7.600, although it remains to be seen whether the coin will reach this resistance, and if it does, whether or not it will be capable of breaching it. If not, the price could get rejected and sink back to $7,100, as forecasted.

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