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<p>The post <a href="https://coinpedia.org/news/bitcoin-drops-6-crypto-liquidations-hit-314m-whats-next-for-market/">Bitcoin Drops 6%, Crypto Liquidations Hit $314M, What’s Next for Market?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin (BTC), the world’s biggest cryptocurrency experienced notable selling pressure after the closing of the US stock market, leading to a price drop of over 6%. The decline began as the bankrupt crypto lender Celsius repaid nearly $2.5 billion to its 251,000 creditors.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-crypto-liquidations-hit-313-million-nbsp"><strong>Crypto Liquidations Hit $313 million&nbsp;</strong></h2> 
<p>Amid this selling pressure, top cryptocurrencies including <a href="https://coinpedia.org/news/sell-off-alert-ethereum-whales-begin-dumping-price-could-dip-to-2300/">Ethereum</a> (ETH), Solana (SOL), and Dogecoin (DOGE) have experienced a record slump similar to the market crash on August 5, 2024.&nbsp;</p> 
<p>Data from the on-chain analytic firm <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">CoinGlass</a> suggest more than 85,500 traders were liquidated in the last 24 hours. Meanwhile, the total liquidations recorded by the firm stand at $314.19 million. The single largest liquidation order occurred on Binance ETHBTC, valued at $12.67 million.</p> 
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/08/28052352/ifucdbjk.png"><img decoding="async" width="1024" height="337" src="https://image.coinpedia.org/wp-content/uploads/2024/08/28052352/ifucdbjk-1024x337.png" alt="" class="wp-image-343437" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/28052352/ifucdbjk-1024x337.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/28052352/ifucdbjk-300x99.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/28052352/ifucdbjk-768x253.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/28052352/ifucdbjk-1536x505.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/28052352/ifucdbjk-150x49.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/28052352/ifucdbjk.png 1772w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: CoinGlass
 </figcaption>
</figure> 
<p>According to the data, the major liquidation came from the longs bet as bulls have liquidated over $282.05 million worth of long positions. This indicates that bulls were expecting an upside rally, but it did not go as they anticipated.</p> 
<p>Meanwhile, short sellers liquidated only $31.70 million worth of short positions during the same period.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-prediction"><strong>Bitcoin Price Prediction</strong></h2> 
<p>As of now, BTC is trading near the $59,200 level and has experienced a price drop of over 6% in the last 24 hours. Meanwhile, its trading volume has increased by 36% during the same period, indicating higher participation from traders amid price decline.</p> 
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/08/28052203/BTCUSDT_2024-08-28_05-21-45.png"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/28052203/BTCUSDT_2024-08-28_05-21-45-1024x448.png" alt="" class="wp-image-343436" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/28052203/BTCUSDT_2024-08-28_05-21-45-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/28052203/BTCUSDT_2024-08-28_05-21-45-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/28052203/BTCUSDT_2024-08-28_05-21-45-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/28052203/BTCUSDT_2024-08-28_05-21-45-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/28052203/BTCUSDT_2024-08-28_05-21-45-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/28052203/BTCUSDT_2024-08-28_05-21-45.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure> 
<p>According to expert technical analysis, BTC looks bearish and there is a high possibility that it will fall in a downtrend.&nbsp; Following a record price drop, BTC witnessed a notable breakdown of crucial ascending trendlines. If it closes a daily candle below the trendline, there is a high possibility that BTC could fall to the $54,000 level or even lower.</p> 
<h3 class="wp-block-heading" id="h-will-btc-fall-again"><strong>Will BTC Fall Again?</strong></h3> 
<p>Despite 251,000 creditors receiving repayment, there are still 121,000 creditors who may receive funds soon, which potentially creates more selling pressure. So far, Celsius has distributed $2.57 billion, which is nearly 36% of the total repayment amount. This suggests that the market could face further declines if all creditors receive their repayments.</p>

Bitcoin Drops 6%, Crypto Liquidations Hit $314M, What’s Next for Market?

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