As Bitcoin (BTC) has been on a roller coaster ride in recent days, many investors have been left confused.
Bitcoin’s price action is set to trigger major liquidation events on mainstream cryptocurrency exchanges (CEX), according to the latest data from cryptocurrency tracking platform Coinglass.
If it falls below $55,000 at this point, $765 million worth of long positions will be liquidated.
In contrast, $585 million worth of BTC short positions on CEXs will be liquidated if Bitcoin rises above $60,000.
According to current data, $119.7 million worth of leveraged transactions were liquid in the last 24 hours, while $71.7 million worth of long positions and $48 million worth of short positions were liquid.
Again, while 39,072 traders were liquidated in the last 24 hours, the largest liquidation occurred in the BTC/USDT transaction on OKX.
*This is not investment advice.