Long

bullish

Galaxy

Million

<ul class="wp-block-list cnl-post-highlights-list"><li>Over $170 million liquidated in under an hour.&nbsp;</li><li>Of this, $106.66 million was liquidated from long positions.&nbsp;</li><li>Analyst confirms that the market is still very bullish.</li></ul><p>The crypto market experienced another major price dip with over $170 million liquidated in under an hour, of which, $106.66 million came from long positions. This dip saw a drop from $118,000 to $115,000 for BTC and $3,800 to $3,600 for the price of ETH. Several altcoins also fell, contributing to a dramatic and drastic total crypto market price fall. Now, analysts are trying to figure out the cause behind this latest dip.&nbsp;</p><h2 class="wp-block-heading" id="over-170-million-liquidated-in-under-an-hour">Over $170 Million Liquidated in Under an Hour</h2><p>The crypto market is off to a disappointing start for the month of August as it experiences a $107 million market liquidation caused by BTC and ETH dropping to lower prices, taking altcoin prices and the greater crypto market along with them. In detail, the price of BTC dropped to the $115,000 price from $118,000, while the <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">price of ETH</a> fell from $3,800 to the $3,600 price range.</p><p>Indeed, this was a very disappointing turn of events for the majority of the crypto community, who were hoping to see higher highs for both the pioneer crypto asset and the pioneer altcoin asset. In detail, most analysts were certain that the price of ETH would finally break past the <a href="https://cryptonewsland.com/supply-zone-once-again/" rel="noopener noreferrer nofollow">$4,000 price range</a> and hit a higher high target at $4,200, before surging to reclaim its previous ATH price at the $4,800 price range.&nbsp;</p><p>Similarly, expectations were high for the price of Bitcoin (BTC) as well. According to many reputed analysts, the <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">price of BTC</a> is on its way to hit its next ATH prices, expected to lie between $130,000 and $144,000. What’s more, several bullish signals on both the BTC and ETH price charts still show highly bullish numbers. Thus, the sudden dip in prices came as a shock to many.&nbsp;</p><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"> https://twitter.com/Cointelegraph/status/1951077981377405412 </div></figure><p>As we can see from the post above, over $107 million was liquidated in just one hour, with $106.66 million being liquidated from long positions alone. This shows how most of the trading community was certain of higher highs as opposed to dips. A similar liquidation event occurred a few days ago with <a href="https://cryptonewsland.com/galaxy-digital-completes-the-9-billion/" rel="noopener noreferrer nofollow">Galaxy Digital selling off 80,000 BTC</a>. However, the market recovered quickly and should likely recover again soon.</p><h2 class="wp-block-heading" id="106-66-million-from-long-positions">$106.66 Million From Long Positions&nbsp;</h2><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"> https://twitter.com/IncomeSharks/status/1951063747856158912 </div></figure><p>As for the possible reason behind the dip. As the chart in the post above showcases, Bitcoin is breaking down out of a tight and compressed channel, following a strong breakout. As the analyst goes on to explain, Bitcoin is simply dipping before a greater surge ahead. The analyst concludes that this is nothing to be alarmed about and is something to be expected. Ultimately, the BTC price chart still favors the bulls.</p>

Over $170 Million Liquidated in Under an Hour, $106.66 Million From Long Positions

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