Crypto market clears $159M in long liquidations as market cools

Just a day after setting new records, BTC took a ￰0￱ market saw the highest level of long liquidations for the past week, reaching $159M in an ￰1￱ crypto market switched to long liquidations once again, reaching the highest level for the past ￰2￱ an hour of prices taking a downturn, the market reached $159M in long ￰3￱ estimated 114,915 traders were liquidated during the recent ￰4￱ downturn followed the direction of BTC, which dipped under $122,000, sliding from its previous attempt to hold above $125,000. The leading coin sank to $121,837 during the early USA trading hours, causing drawdowns across the ￰5￱ also fell from its recent levels above $4,600, returning to $4,494.38.

The token was also the liquidation leader, with $53.89M in liquidations within one ￰6￱ hourly liquidations reached $39.70M. Bybit was the leader in terms of long liquidations, at over $90.10M, over 91% of all open ￰7￱ resets open interest after long liquidations BTC open interest resets after reaching a recent peak above $45.8B. Following the recent liquidations , overall open interest fell to $43.2B. The current liquidation event is still a relatively small reset of open positions, following the $2.29B in long liquidations on September ￰8￱ crypto market expected BTC to quickly rebuild positions and even mark new all-time ￰9￱ price action in the past weeks has shown BTC traders often sweep liquidity available both above and below the current ￰10￱ the recent price records, BTC now stands between a new set of positions, with short liquidity up to $126,000.

The recent BTC price dip cleared some of the long ￰11￱ now remains on the upside, suggesting a market recovery caused by attempts to liquidate the short positions. |