Crypto market experiences $272 million in liquidations within a 24-hour period as Bitcoin’s price drops to $60,000. This decline in Bitcoin’s value reflects the overall volatility in the market and trader behavior. Over the past two days, Bitcoin has fallen from $62,000 to its lowest point at $60,000, representing a 3% decrease. The cryptocurrency briefly recovered to $61,400 before once again testing the $60,000 level due to the ongoing uncertainty in the market.
During this time, there were significant long liquidations, amounting to $221 million, indicating that traders faced pressure as the market temporarily trended downward. Coinglass data reveals that 95,621 traders were liquidated, with the largest single liquidation occurring on Binance, involving an ETHUSDT order worth $12.24 million.
Exchange-specific data highlights that Binance accounted for $30.72 million of the $48.35 million in total liquidations within the last four hours, with long positions making up the majority at 95.58%. OKX and Bybit followed, contributing $8.78 million and $5 million, respectively. In terms of asset liquidations, Ethereum led the way with $67.95 million, followed by Bitcoin at $57.65 million.
These concentrated long liquidations suggest that traders were overly bullish despite the fluctuating market conditions and global geopolitical instability. As the price of Bitcoin stabilizes around $60,000, the market remains sensitive to short-term fluctuations and macroeconomic factors.
The market is currently testing the bottom of a channel that has been observed multiple times throughout 2024. Bitcoin has been trading between key areas, including $71,500 to $68,000 (yellow), $66,900 to $61,800 (white), $60,400 to $56,600 (red), and $55,700 to $49,700 (blue). It has now reentered the red channel for the fifth time in 2024. In three instances, it continued down into the blue channel before recovering into the white channel. If Bitcoin stabilizes within the red channel, the bottom support has been around $56,600. It’s worth noting that these channels align most accurately with the 30-minute timeframe.
As of October 3, 2024, at 10:02 am UTC, Bitcoin remains the top-ranking cryptocurrency by market cap, but its price has decreased by 2.54% in the past 24 hours. Bitcoin’s market capitalization currently stands at $1.19 trillion, with a 24-hour trading volume of $41.45 billion.