The new week started in green for Bitcoin (BTC) and altcoins. BTC price rose above $87,000, while Ethereum (ETH) approached $2,100.
While the FED's moderate approach and the possible softening in US traffic are behind the rise in Bitcoin and altcoins, the latest data came from the cryptocurrency tracking platform Coinglass.
Bitcoin’s price action is set to trigger major liquidation events on mainstream cryptocurrency exchanges (CEX), according to the latest data from Coinglass.
“At this point, if Bitcoin rises above $89,094, $2.5 billion worth of BTC short positions on CEXs will be liquidated.
Conversely, if the Bitcoin price drops below $83,900, $1.35 billion worth of long positions will be liquidated.”
According to current data, in the last 24 hours, $204 million worth of leveraged transactions were liquid, while $56.7 million worth of long positions and $147.7 million worth of short positions were liquid.
Again, while 85,532 traders were liquidated in the last 24 hours, the largest liquidation occurred in a BTC/USDT transaction on Binance.
*This is not investment advice.
