A total of $400 million worth of long orders were liquidated in the cryptocurrency market over the past 24 hours, following a massive drop for bitcoin at $36,000 per CoinGlass. The first cryptocurrency even managed to briefly test the $35,000 range before recovering modestly.
As suggested by Market Tracker, orders worth $420 million were liquidated on various cryptocurrencies during bitcoin’s drop of around $35,000. On average, 65% of all liquidated orders on various exchanges were long, which may seem surprising as bitcoin has not made an upward move after falling to $36,000.
The largest liquidation volume was provided by OKEx as the platform reported $150 million worth of long-term liquidations. Back on May 5, liquidated longs accounted for 85% of all liquidated orders.
For liquidations by symbols, bitcoin traditionally remains in the first place with liquidations of the order of $200 million worth. Second place is traditionally taken by Ethereum, and third place goes to a newcomer, Apcoin, which provided $12 million in liquidations.
bitcoin market performance
After a downside break below the ascending range, Bitcoin is on a bullish downside while looking for the next support that is yet to be determined by the cryptocurrency market. According to TradingView, some traders are betting on a reversal around $33,500.
This area corresponds to the start of the previous short-term rally on January 24. The next technical resistance is the 200-week SMA, which is currently near the $27,000 level.
Bitcoin’s lowest point since October 2020 at $28,000, dating back to June 2021, was the point of a major reversal and the start of an ATH rally that took BTC to $69,000.