Bitcoin faced significant selling pressure, leading to the liquidation of over $122 million in long positions as its price fell below $61,000, sparking concerns of a further drop below the crucial $60,000 level.
In the past 24 hours, more than $122 million in leveraged long Bitcoin positions were liquidated, according to data from CoinGlass. This occurred as Bitcoin’s price dropped over 5% intraday, briefly dipping below $61,000 at 1:25 pm UTC on June 24. Over the past week, Bitcoin has fallen more than 7%, based on CoinMarketCap data.
Leveraged positions help indicate key price levels for underlying assets. CoinGlass data suggests that if Bitcoin falls below $60,500, it could trigger the liquidation of over $180 million in leveraged long positions across various exchanges.
This selling pressure is partly attributed to the anticipated repayment from the Mt. Gox incident, which could further push Bitcoin’s price below the psychological $60,000 mark.
Summary Review: The recent liquidations highlight the volatility and risk associated with leveraged positions in the cryptocurrency market. Investors should stay cautious, especially with potential market-moving events on the horizon.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
