Bitcoin

Million

Spot

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 <p>The <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market has seen a widespread decline, with altcoins leading the downward movement. Even Bitcoin [BTC] has not been immune to the downturn, currently affected by the negative trend. At press time, Bitcoin’s price stood at $28,603, reflecting a daily dip of 1.95%. In the midst of this situation, individuals who were betting big on the asset were experiencing the impact of this drop.</p> 
 <p>Coinglass data revealed that 90% of total liquidations stemmed from long trades, representing anticipations of price increases. Liquidation transpires when an exchange compels the closure of a trader’s leveraged position due to a partial or full depletion of the trader’s initial margin. Over the span of 24 hours, liquidations amounted to $47.39 million, out of which long liquidations constituted $44.22 million. Short liquidations were at a dainty $3.17 million.</p> 
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 <p>After the recent liquidation event, Bitcoin traders appeared to be adopting a cautious approach. Traders were engaging in short positions rather than initiating long positions. Data sourced from Coinglass indicated that short positions comprised 52.82% of the total, surpassing long positions, which accounted for 47.16%.</p> 
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 <p><strong>Also Read: PayPal UK to Halt Bitcoin and Crypto Purchases</strong></p> 
 <h4 class="wp-block-heading" id="h-will-bitcoin-bounce-back">Will Bitcoin bounce back?</h4> 
 <p>Earlier this week, an analyst named SimonaD shared her perspective on CryptoQuant concerning Bitcoin’s Unspent Transaction Output [UTXO]. UTXO highlighted the remaining <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> after a transaction has been completed. As per the analyst’s observations, the proportion of Bitcoin UTXOs that were in a profitable status had reached 79.53%. Nevertheless, when taking historical trends into account, a significant UTXO value may not always correlate with profitable price shifts. She further wrote, </p> 
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 <p><strong>“Usually, a high percentage of UTXOs in profit it may suggest that we have a risk of sell-off in the next period. When it acted as resistance, we had a price pullback.”</strong></p> 
 <p>The recent decrease in Bitcoin’s price can be linked to this factor and the broader market sentiment. However, there has been a decrease in the portion of Bitcoin’s UTXO that are in a profitable state. Presently, this figure rests at 73%. This shift might suggest the potential for a resurgence in Bitcoin’s value.</p> 
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  <img decoding="async" width="1024" height="645" src="https://cdn.thebittimes.com/images/2023/08/17/f8afff2b06fc188ee5b9fe110519df12.webp" alt="" class="wp-image-107230" srcset="https://cdn.thebittimes.com/images/2023/08/17/f8afff2b06fc188ee5b9fe110519df12.webp 1024w, https://cdn.thebittimes.com/images/2023/08/17/f8afff2b06fc188ee5b9fe110519df12.webp 300w, https://cdn.thebittimes.com/images/2023/08/17/f8afff2b06fc188ee5b9fe110519df12.webp 768w, https://cdn.thebittimes.com/images/2023/08/17/f8afff2b06fc188ee5b9fe110519df12.webp 1536w, https://cdn.thebittimes.com/images/2023/08/17/f8afff2b06fc188ee5b9fe110519df12.webp 380w, https://cdn.thebittimes.com/images/2023/08/17/f8afff2b06fc188ee5b9fe110519df12.webp 550w, https://cdn.thebittimes.com/images/2023/08/17/f8afff2b06fc188ee5b9fe110519df12.webp 800w, https://cdn.thebittimes.com/images/2023/08/17/f8afff2b06fc188ee5b9fe110519df12.webp 1160w, https://cdn.thebittimes.com/images/2023/08/17/f8afff2b06fc188ee5b9fe110519df12.webp 1920w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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 <p>Nonetheless, it’s crucial to recognize that numerous other elements have the potential to influence the value of Bitcoin, carrying the possibility of either negative or positive impacts.</p> 
 <p><strong>Also Read: Europe Launches First Spot Bitcoin ETF</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>bitcoin</li> 
  <li>btc</li> 
  <li>crypto</li> 
  <li>cryptocurrency</li> 
 </ul> 
</div>

Bitcoin Traders Tread Cautiously as $44 Million Longs Face Liquidation

TheBitTimes

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