Bitcoin

Coin

<ul class="news-points">
 <li>If Bitcoin falls below $50K, $870 million worth long positions would be liquidated.</li>
 <li>$1.53 billion in short positions would be liquidated if BTC jumps above $58K.</li>
 <li>If BTC breaks above $60K, over $2 billion worth of short positions will be liquidated.</li>
</ul>
Bitcoin is teetering on the edge of a potential major sell-off as its price hovers near a critical liquidation threshold of $50,000, <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener noreferrer nofollow">according to data</a> from Coinglass.
At the time of writing, Bitcoin is priced at $55,500. However, Coinglass data indicates that leading exchanges could liquidate approximately $870 million worth of long positions if BTC’s price drops below the crucial $50,000 mark.
The $50,000 price point has been a psychological and technical support level for Bitcoin, and a drop below it could trigger a wave of sell-offs. Two major contributing factors to the potential decline are the <a href="https://coinedition.com/bitcoin-fear-greed-index-why-mt-gox-and-government-sales-are-spooking-investors/" rel="noopener noreferrer nofollow">Mt. Gox repayment</a> plan and the German government’s <a href="https://coinedition.com/german-bitcoin-liquidation-and-macroeconomic-woes-can-bitcoin-bounce-back-quickly/" rel="noopener noreferrer nofollow">Bitcoin sell-off</a>. These two entities were <a href="https://coinedition.com/liquidations-government-dumps-and-mt-gox-transfers-how-much-more/" rel="noopener noreferrer nofollow">primary catalysts for</a> Bitcoin’s fall below the $60,000 price level.
According to CoinMarketCap <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">data</a>, the leading cryptocurrency is 24.56% down from its all…
The post <a href="https://coinedition.com/bitcoins-fateful-moment-50000-decides-the-next-market-move/" rel="noopener noreferrer nofollow">Bitcoin’s Fateful Moment: $50,000 Decides the Next Market Move</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Bitcoin’s Fateful Moment: $50,000 Decides the Next Market Move

Coin Edition

Other articles published on Jul 8, 2024

Certo Expands Testnet to Include USDC Deposits for stUSD, its Interest-Earning Stablecoin

Private Equity Firms Eye Bitcoin Miners for AI Computing Needs

Ronin Network Announces Integration Of PHPC Stablecoin On Its Platform

Tether CEO states AI should be implemented locally to Enrich Security and privacy

BlockDAG’s Sizzling July 2024 Splash: $2 Million Giveaway Leaves Aptos and Stellar in the Shade

Best Low Cap Cryptos To Buy in July

Join our free newsletter for daily crypto updates!