Long

bullish

Future

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin has seen significant long liquidations despite its bullish trend.</li> 
 <li>These liquidations are due to price volatility and overly optimistic traders.</li> 
</ul> 
<p> Bitcoin (BTC) has shown a bullish trend in spite of recent price fluctuations.</p> 
<p>The current trading session has seen a high volume of long positions being liquidated.</p> 
<h2 id="long-liquidations-dominate">Long Liquidations Dominate</h2> 
<p>Bitcoin’s liquidation chart on Coinglass reveals that the first day of the month saw liquidations surpassing $280 million.</p> 
<p>Long liquidations made up the majority of this volume, reaching over $231.6 million while short liquidations were considerably lower, around $60.8 million.</p> 
<p>This dominance of long liquidations was not a one-off event; Bitcoin has been seeing a surge of long liquidations in the days prior.</p> 
<p>This pattern indicates that traders were extremely hopeful about Bitcoin’s price movements, leading to a larger volume of long positions being liquidated when the market turned.</p> 
<h2 id="understanding-the-cause">Understanding the Cause</h2> 
<p>Despite Bitcoin ending the previous trading session with an over 1% increase, long liquidations prevailed due to significant intraday volatility.</p> 
<p>Bitcoin started trading at roughly $64,609 but subsequently fell to around $62,212. This sharp decrease triggered the large volume of long liquidations.</p> 
<p>By the end of the day, Bitcoin had bounced back and traded at about $65,288.</p> 
<p>At the time of writing, Bitcoin had dropped by over 1% and was trading at around $64,254. If this trend persists, another day of long liquidation dominance is likely.</p> 
<p>Bitcoin’s volume trend on Santiment indicated a decent trading volume with the highest volume in the previous trading session reaching around $41 billion.</p> 
<p>Despite the current price trend favoring sellers, there is potential for a shift if buyers can take control of the market. This could possibly reduce the dominance of long liquidations and stabilize the price movement.</p>

Bitcoin’s August Liquidation Hits $280 Million: What’s the Future Forecast?

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CoinEagle.com

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