Liquidations rocked the space as the price of Bitcoin fluctuated between red and green in the past week. Since the price broke down in key parts of last week, the liquidations have been heavily skewed towards the long traders. This trend has now changed as the short-traders rose last week due to the recovery above $20,000.
Escalation of short filters
As the weekend approaches, the price of bitcoin is much better than it was during the week. This he has now Turned the wave of liquidation towards the short traders. These types of situations escalated as the price of the digital asset fell, leading some to believe that it would continue. However, the price of the cryptocurrency appears to have found a foothold above $17,000, and made a rebound from there.
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As of the early hours of Monday, the price of Bitcoin was stable in the mid-$20,000s. At the same time, liquidation volumes are still large in the market. The past 24 hours have seen more than $250 million liquidated in the market. At the same time, about 80,000 traders lost their positions, and most of them were short traders at 63.56%.
Liquidations pass $260 million | Source: Coinglass
About $100 million of bitcoin were liquidated in the same time period, reaching 4,800 bitcoin. Ethereum liquidations also escalated with $82.47 million in liquidation in the same time period.
Altcoins like SOL, DOGE, and GMT are also feeling the heat, returning large amounts to liquidations. Cryptocurrency exchange OKEX saw the highest number of liquidations with $96.25 million in the past 24 hours, with Binance in second place with $76.08 million.
Bitcoin price remains in the green
Bitcoin closed last week in the red after finally ending its nine-week red streak the previous week. This shutdown had a lot of negative effects, which pushed the price of the digital asset to yearly lows. However, this storm started to pass as prices rebounded.
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The weekend saw a spike in buying as the cryptocurrency dropped to the $17,000 level. This provided a much-needed rebound point as support began to form. What followed was a $3,000 gain over the next two days bringing the value of the digital asset close to $21,000 again.
BTC trending in the mid-$20,000s | Source: BTCUSD on TradingView.com
But even as the bulls struggle to control the market, their efforts have met with significant opposition. Significantly at $21,000 where there is now the biggest resistance. A break above this point is likely to bring the digital asset to $25,000 before the end of the week. Hence the opposition.
On the flip side, there is the first support level of the digital asset that has now formed at $20,150. However, with selling sentiment still strong among investors, it is doubtful that Bitcoin will be able to hold out for long at such prices.
Featured image from Channels Television, chart from TradingView.com
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