{"id":23825,"date":"2022-04-12T10:23:47","date_gmt":"2022-04-12T14:23:47","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=23825"},"modified":"2022-04-12T10:25:20","modified_gmt":"2022-04-12T14:25:20","slug":"btc-long-squeeze-385-million-positions-liquidated-as-bitcoin-drops","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/btc-long-squeeze-385-million-positions-liquidated-as-bitcoin-drops\/","title":{"rendered":"BTC Long Squeeze: $385 Million Positions Liquidated As Bitcoin Drops\u00a0"},"content":{"rendered":"\n
Bitcoin's (BTC) recent drop<\/a> appeared to have caught investors hoping that the cryptocurrency would find a bottom off guard. Long position liquidations reached their highest level since late January, as BTC extended its losses.<\/h5>\n\n\n\n
\"BTC
BTC Long Squeeze<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n

BTC dropped below $40,000 for the first time since mid-March, following signs from the US government that inflation is expected to worsen significantly in the country.<\/a> Consumer price data for March is expected to come in at its highest in 40 years when it is released later today.\u00a0<\/p>\n\n\n\n

The broader crypto market also slumped, with most of the top altcoins losing between 2% and 8% in the last 24 hours. The whole market capitalization of cryptocurrencies has dropped by $150 billion in the past week and was below $2 trillion once again this year. <\/p>\n\n\n\n

$385 million worth of long positions liquidated\u00a0<\/strong><\/h3>\n\n\n\n

The crypto market saw $385 million worth of long positions liquidated in the last 24 hours according to coinglass statistics\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>. Nearly 90% of all liquidations that happened overnight were long, indicating that the majority of traders were preparing for a rebound.\u00a0<\/p>\n\n\n\n

Only $57 million of the $442 million in total liquidations were short. BTC saw longs worth $142 million liquidated, about 87% of total closures. The largest single liquidation order valued at $10 million, was placed on Bitmex.\u00a0<\/p>\n\n\n\n

\"BTC<\/figure><\/div>\n\n\n\n

BTC's sharp drop from 2022 highs has mostly burned traders who had hoped for a crypto recovery. Long positions were also closed in large numbers last week. <\/p>\n\n\n\n

The losses come in line with those broader risk markets, particularly stocks. They emphasize the high amount of correlation between cryptocurrency and equities.<\/p>\n\n\n\n

Markets seek a BTC bottom<\/strong><\/h3>\n\n\n\n

BTC's recent drop has sparked speculation over where the losses will stop. Some traders predict that the token's next support level will be $37,000 to $38,000<\/a>, while others warn that it might fall as low as $30,000.\u00a0<\/p>\n\n\n\n

BTC's lowest level this year is around $33,000, which might be regarded as a hard support level. Any drop below that level would likely signal an extended bear market for the world's largest cryptocurrency.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin’s (BTC) recent drop appeared to have caught investors hoping that the cryptocurrency would find a bottom off guard. Long position liquidations reached their highest level since late January, as BTC extended its losses. BTC dropped below $40,000 for the first time since mid-March, following signs from the US government that inflation is expected to […]<\/p>\n","protected":false},"author":32,"featured_media":23353,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[152,149],"class_list":["post-23825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-btc"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/04\/btc-vs-nasdaq-2.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/23825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=23825"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/23825\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/23353"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=23825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=23825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=23825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}