Bitcoin

Date: Sunday, Sept 01, 2024, 06:11 AM GMThe cryptocurrency market is kicking off the new month with continued bearish momentum, echoing the downturn seen in August. Over the past 24 hours, Bitcoin (BTC) has dropped by 1.74%, currently trading at $58,165. This decline has raised concerns among traders and investors, as it could lead to significant <a href="https://coinsfate.com/category/liquidation/" rel="noopener noreferrer nofollow">liquidations</a>.According to data from <a href="https://www.coinglass.com/zh/pro/futures/LiquidationMap" rel="noopener noreferrer nofollow">Coinglass </a>on September 1, if Bitcoin&#39;s price falls below $56,000, the cumulative liquidation intensity of long positions on major centralized exchanges (CEX) could reach a staggering $459 million. This means that many traders who have bet on Bitcoin&#39;s price rising may be forced to sell their positions, amplifying the downward pressure on the market.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ef29975f67234533ac123dd6df49ad74.png" />Source: <a href="https://www.coinglass.com/zh/pro/futures/LiquidationMap" rel="noopener noreferrer nofollow">CoinGlass</a>On the flip side, if Bitcoin manages to reverse its course and climbs above $60,000, the cumulative liquidation intensity of short positions on major CEX could hit $855 million. This scenario would cause a squeeze on those betting against Bitcoin, potentially driving the price higher as they scramble to cover their positions.<img src="https://coinsprobe.com/wp-content/uploads/2024/09/Short-Orders-Liquidation-data.png" />Source: CoinGlassThe market&#39;s current bearish sentiment highlights the volatility that continues to dominate the cryptocurrency space. With large sums of money at stake, both bulls and bears are watching Bitcoin&#39;s next move closely, as it could set the tone for the rest of the month.

Bitcoin Bearish Movement Could Trigger $459 Millions Liquidations

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