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After tagging over $60,000 USD and seeming to break through the barrier of resistance, the Bitcoin market has rejected the mark and fallen by over 7% in the past 24 hours to below $55,000 USD.
The overall cryptocurrency market has taken a knock as a result of the rejection, with most tokens showing red.
Source: Coin360
According to Glassnode founders, the fall was a result of record-high Bitcoin liquidation with more than $500 million USD with of ling liquidation occurring in just over an hour’s trading. As noted by Jan & Yann, more than half of the open future contracts were leverages by more than 20 times prior to the margin calls.
In the last hour alone, nearly $500M in #Bitcoin Longs got liquidated, this is a historic ATH.
There is excess greed in the system, with 60% of contracts levered 20x or more.
Long liquidations are an artifact of the current bull market. pic.twitter.com/n9NciJcS62
— Jan & Yann (@Negentropic_) March 15, 2021
Conflicting data from Bybt points that more than $800 USD was liquidated in under 15 minutes.
Over $800m worth of long positions get liquidated within a 15 min timeframe.
data: @bybt_com pic.twitter.com/AfNzVEGqmW
— unfolded. (@cryptounfolded) March 15, 2021
Whatever the case, it’s obvious that Bitcoin took a knock from investors taking profit from their cryptocurrency holdings.
Datamish insights show that nearly 300 positions worth nearly $95 million USD were liquidated on BitMEX. At the same time, nearly 490 positions were liquidated for almost $100 million USD on Bitfinex. This amounts to the largest liquidation in Bitcoin history. Earlier this year, the second-largest day had made history when Bitcoin crashed from its all-time high of $58,300 USD to nearly $9,000 USD less at a trading value of around $47,000 USD. During this crash, nearly $6 billion USD worth of futures contracts were liquidated.
While a crash in price doesn’t always look optimistic, it’s worthwhile looking at the strength gained since the previous correction. If Bitcoin can hold its price before seeing a recovery, we might see a new all-time high in the next few weeks.