As Bitcoin (BTC) continues to experience a bear market, escalating tensions between the US and Iran are negatively impacting global markets, including the cryptocurrency market.
US President Donald Trump stated that the direction of this process will be clear within 10 days, and tensions are rising in Bitcoin and cryptocurrencies in the face of potential conflict.
At this point, whether Bitcoin and the current downward trend in the market will continue remains dependent on macroeconomic data and upcoming geopolitical developments, while the latest data has arrived from the cryptocurrency tracking platform Coinglass.
According to recent data from Coinglass, Bitcoin’s price movements are poised to trigger significant liquidation events on mainstream cryptocurrency exchanges (CEXs).
“At this point, if Bitcoin rises above $70,000, $6.06 billion worth of BTC short positions on CEXs will be liquidated.”
Conversely, if the Bitcoin price falls below $66,000, $7.71 million worth of long positions will be liquidated.
According to current data, leveraged trading worth $182.4 million was liquidated in the last 24 hours, while $103.4 million in long positions and $79 million in short positions were also liquidated.
In the last 24 hours, 82,763 traders were liquidated, with the largest liquidation occurring in ETH/USD trading on Binance.
*This is not investment advice.
