Traders who have leveraged their bets on a potential Bitcoin and crypto price recovery are facing significant losses.
Over the past 24 hours, a total of $704 million in leveraged crypto positions have been liquidated, as reported by CoinGlass, a market data tracker.
The majority of these liquidations have affected long positions, with $556 million in longs being liquidated compared to $157 million in shorts.
Among the liquidated positions, Ethereum longs took the biggest hit at $204 million, followed by Bitcoin longs at $196 million.
Sentiment in the crypto community has once again turned to extreme fear, with renowned trader Peter Brand suggesting a potential further decline in BTC price to a range between $58,000 and $62,000.
Pseudonymous analyst Credible Crypto believes that Bitcoin is on the verge of breaking its bull market structure.
“We came very close to reaching $74,000 today, but the level has not been breached yet. To move out of the ‘danger zone,’ we need to reclaim the $81,000 to $85,000 range.
Similar to the scenario at $25,000 with the $24,800 invalidation before the continuation to a new all-time high, I will assume that the level will be defended until proven otherwise…
For now, let’s focus on reclaiming the 81-85k range and proceed from there.”
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