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

Alte articole publicate pe 8 iul. 2024

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