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After breaking above the $ 60,000 mark and trending over the hurdle to move to the next highs, the bulls have failed and the market has plunged more than 7% in the past 24 hours to retest the area. 55,000 USD.
The entire crypto market has had a shock as a result of not being able to overcome Bitcoin’s resistance, with most assets showing red.
According to the founder of Glassnode, the drop was the result of record-high Bitcoin liquidation with over $ 500 million liquidated in just over an hour of trading, which is a new ATH. As noted by Jan & Yann, greed has become overwhelming as more than half of all open futures are leveraged more than 20 times.
In the last hour alone, nearly $ 500M in #Bitcoin Longs got liquidated, this is a historic ATH.
There is excess greed in the system, with 60% of contracts levered 20x or more.
Long liquidations are an artifact of the current bull market. pic.twitter.com/n9NciJcS62
– Jan & Yann (@Negentropic_) March 15, 2021
According to data from Bybt.com, in the past 24 hours, $ 2.71 billion of futures orders were liquidated on the exchanges, of which 92.95% were Long orders.
With the information from the image above, Binance is the floor with the highest number of future orders liquidated in 24 hours with more than 1 billion USD, followed by Bybit, Huobi, OKEx, …
Regarding the type of assets being liquidated the most, it is BTC, ETH, BNB, DOT, … it can be seen that the named assets are coins with very good growth momentum over the past time.
While the drop in price doesn’t always seem optimistic, it’s worth looking at the strength the asset has gained since the previous correction. If Bitcoin can hold that strength then we will likely see new all-time highs in the next few weeks.
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