Bitcoin Plummets to $62K, $310M in Long Positions Liquidated
On August 1, Bitcoin skilled a pointy drop, declining from $64,000 to $62,800.
On August 1, Bitcoin skilled a pointy drop, declining from $64,000 to $62,800. This sudden downturn resulted within the liquidation of lengthy positions value $310.27 million in a 24-hour interval that noticed a complete of $337 million worn out, in response to Coinglass.
Previously 24 hours, over $77.07 million value of lengthy Bitcoin positions have been liquidated, with $26.6 million of that occurring in simply the final 4 hours. The most important single liquidation concerned an ETH-USDT swap value $4 million on the OKX crypto trade.
In distinction, unbiased analyst Mags supplied a extra optimistic perspective. Mags highlighted that Bitcoin was nonetheless above a vital shifting common assist, buying and selling close to the higher boundary of a descending broadening wedge. Mags additionally identified that the “hash ribbons” had issued a purchase sign, suggesting a possible for restoration. In keeping with Mags, the present worth motion resembles earlier situations the place the hash ribbons turned inexperienced, resulting in vital upward actions after preliminary dips and consolidation.
Mags emphasised that so long as Bitcoin’s worth stays above $60,000, these dips may current shopping for alternatives. Historic evaluation helps this cautious optimism, regardless of a usually difficult August for Bitcoin. Information from Coinglass reveals that Bitcoin’s common returns for August since 2013 have been about 2.24%, with the cryptocurrency closing within the damaging in eight out of the final eleven years, exhibiting a median return of -6%.
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