The effects of the long sell-offs that rocked bitcoin after the digital asset plunged to $25,000 continue to be felt even now. Bitcoin, which has since managed to rally above $30,000 once again, remains a primary sell-off target in the market. Even now, a week after the crash that had seen it record its biggest sell-off event in six, long traders are still upset in the markets.
Bitcoin Liquidations Touch $61 Million
Bitcoin’s long sell-offs may have slowed down, but they are far from over. In the last 24 hours, the market has seen more than 61 traders liquidated, resulting in liquidations of more than $257 million in the last 24 hours. Naturally, bitcoin liquidations make up a large part of this and long traders have been hit the hardest in the market.
Related Reading | Swap Inflows Rock Bitcoin and Ethereum as Market Struggles to Recover
Bitcoin liquidations touched over $61 million on Friday after a particularly brutal trading day on Thursday. Most of these had taken place in the mid-afternoon and early evening of Thursday and saw traders liquidating more than $30 million. This was a result of Bitcoin dipping below the $30,000 level, a level it will eventually retake in the early hours of Friday.
Indicators had turned bullish for the digital asset after this recovery. Even though the long traders had seen the most losses over the 24-hour period, it was starting to turn in their favor as the short traders started to get more heat over time.
BTC recovers above $30,000 | Source: BTCUSD on TradingView.com
Crypto market is still red
Liquidations in other cryptocurrencies such as Ethereum were also significant in this same 24-hour period, although not to the same extent as Bitcoin. In total, there has been $29 million in Ethereum liquidations in the last 24 hours and $7.16 million on the 12-hour chart.
Related Reading | More stress for El Salvador as Bitcoin falls to $29,000
The largest crypto market liquidations reached $258 million at the time of writing. Data from Coinglass shows that 73.55% of this figure has been made up of long liquidations. 40.28% of these liquidations came from the Binance cryptocurrency exchange, where long liquidations were of a similar percentage. On Okex, 81.54% comes from long liquidations and has also made up the majority on various exchanges.
Other digital assets that have seen big sell-offs, including GMT, SOL, and APE, are being buoyed by the recent downtrend. Bitcoin has rallied above $30,000, ETH is back above $2,000 and this is making for a turn around. The most recent sell-offs on the 4-hour chart have been made up of short positions as sentiment begins to turn positive among investors.
Featured image of The Indian Express, chart from TradingView.com
Follow Best Owie on Twitter for market information, updates and the occasional funny tweet…
This post Long liquidations continue to rock the market as Bitcoin struggles to settle above $30,000
was published first on https://www.newsbtc.com/news/bitcoin/long-liquidations-continue-to-rock-market-as-bitcoin-struggles-to-settle-above-30000/