{"id":458839,"date":"2021-03-16T20:00:55","date_gmt":"2021-03-16T20:00:55","guid":{"rendered":"https:\/\/wncen.com\/?p=458839"},"modified":"2024-06-11T14:14:01","modified_gmt":"2024-06-11T14:14:01","slug":"bloody-monday-bitcoin-liquidations","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bloody-monday-bitcoin-liquidations\/","title":{"rendered":"Bloody Monday: Yesterday\u2019s Bitcoin Selloff Saw Record $1.6B In Liquidations"},"content":{"rendered":"

Bitcoin price fell yesterday by over 10%<\/a>, and price action has been on a downward descent since. The selloff was in response to a variety of factors, including the introduction of a new ban in India, a CFTC probe into Binance, and a debate over what was thought to be whale moving a billion in BTC.<\/p>\n

During the correction, the second-highest record ever was set for largest amount of money liquidated in long positions. Interestingly, the last major correction was far deeper, but saw a similar level of liquidations. Here’s what that means for market sentiment, and how that could impact Bitcoin price action in the days ahead.<\/p>\n

\"bitcoin<\/p>\n

The second highest ever total long liquidations happened during yesterday's blood bath | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Monday Bitcoin Bloodbath Results In Second-Largest Purge Of Longs Ever<\/h2>\n
During most of 2020 aside from the initial onset of the pandemic, Bitcoin price was immune to any negative news, and kept on climbing against all odds<\/a>.<\/p>\n
The asset’s perfect storm macro environment has propelled it into the limelight of the finance industry, and to a price beyond $60,000 per coin over this weekend’s high.<\/p>\n
Related Reading | Bitcoin Could Close March With First Ever Quarterly Bear Signal<\/a><\/strong><\/em><\/p>\n
Whether its due to technicals being overheated, a string of bad news, or the fact that traders were so heavily overleveraged, a selloff cut the price per BTC back by 10%<\/a> starting late Sunday night into Monday afternoon.<\/p>\n
The selling continues, though bulls are showing signs of building support. During the madness, some $1.6 billion of margin longs were liquidated, according to data from Arcane Research<\/a>.<\/p>\n
\"\"<\/p>\n
More than $1.6 billion in over leveraged traders were liquidated on Monday | Source: Arcane Research<\/a><\/pre>\n
Why Did The Correction Wipe Out So Many Cryptocurrency Traders?<\/h2>\n
Bitcoin is in a bull market<\/a>, and whenever the trading range makes a clean breakout, the asset has been traveling at the rate of tens of thousands per month.<\/p>\n
The trend has been “only up” resulting in very few pullbacks aside from this latest one, and two other sizable corrections. The largest ever recorded, according to Arcane Research<\/a>, was only a mere few million higher than the most recent crash, even despite a significantly less severe decrease in the same timeframe.<\/p>\n
Related Reading | Data Shows Bitcoin Peaks Last Roughly 40 Days: When To Sell Your Coins<\/a><\/strong><\/em><\/p>\n
Clearly, sentiment is overly bullish, and that has left some bulls too eager to get into position for the next move higher. Many in Bitcoin could also now be in enormous profit, much more willing to take a gamble<\/a> at current levels than before.<\/p>\n
Whatever the reason, the traders have been targeted, and could act as a floodgate of liquidity until the leverage across the market decreases, and prices can rise again naturally.<\/p>\n
Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price fell yesterday by over 10%, and price action has been on a downward descent since. The selloff was in response to a variety of factors, including the introduction of a new ban in India, a CFTC probe into Binance, and a debate over what was thought to be whale moving a billion in BTC. During the correction, the second-highest record ever was set for largest amount of money liquidated in long positions. Interestingly, the last major correction was far deeper, but saw a similar level of liquidations. Here’s what that means for market sentiment, and how that could impact Bitcoin price action in the days ahead. The second highest ever total long liquidations happened during yesterday’s blood bath | Source: BTCUSD on TradingView.com Monday Bitcoin Bloodbath Results In Second-Largest Purge Of Longs Ever During most of 2020 aside from the initial onset of the pandemic, Bitcoin price was immune to any negative news, and kept on climbing against all odds. The asset’s perfect storm macro environment has propelled it into the limelight of the finance industry, and to a price beyond $60,000 per coin over this weekend’s high. Related Reading | Bitcoin Could Close March With First Ever Quarterly Bear Signal Whether its due to technicals being overheated, a string of bad news, or the fact that traders were so heavily overleveraged, a selloff cut the price per BTC back by 10% starting late Sunday night into Monday afternoon. The selling continues, though bulls are showing signs of building support. During the madness, some $1.6 billion of margin longs were liquidated, according to data from Arcane Research. More than $1.6 billion in over leveraged traders were liquidated on Monday | Source: Arcane Research Why Did The Correction Wipe Out So Many Cryptocurrency Traders? Bitcoin is in a bull market, and whenever the trading range makes a clean breakout, the asset has been traveling at the rate of tens of thousands per month. The trend has been “only up” resulting in very few pullbacks aside from this latest one, and two other sizable corrections. The largest ever recorded, according to Arcane Research, was only a mere few million higher than the most recent crash, even despite a significantly less severe decrease in the same timeframe. Related Reading | Data Shows Bitcoin Peaks Last Roughly 40 Days: When To Sell Your Coins Clearly, sentiment is overly bullish, and that has left some bulls too eager to get into position for the next move higher. Many in Bitcoin could also now be in enormous profit, much more willing to take a gamble at current levels than before. Whatever the reason, the traders have been targeted, and could act as a floodgate of liquidity until the leverage across the market decreases, and prices can rise again naturally. Featured image from Deposit Photos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":458844,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-458839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBloody Monday: Yesterday\u2019s Bitcoin Selloff Saw Record $1.6B In Liquidations<\/title>\n<meta name=\"description\" content=\"Bitcoin price fell yesterday by over 10%, and price action has been on a downward descent since. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bloody Monday: Yesterday\u2019s Bitcoin Selloff Saw Record $1.6B In Liquidations","url":"http:\/\/wncen.com\/news\/bloody-monday-bitcoin-liquidations\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bloody-monday-bitcoin-liquidations\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/bitcoin-bloody-monday-Depositphotos_278658822_xl-2015-scaled.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/bitcoin-bloody-monday-Depositphotos_278658822_xl-2015-scaled.jpeg?fit=2560%2C1440"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2021-03-16T20:00:55Z","datePublished":"2021-03-16T20:00:55Z","dateModified":"2024-06-11T14:14:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bloody Monday: Yesterday\\u2019s Bitcoin Selloff Saw Record $1.6B In Liquidations\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bloody-monday-bitcoin-liquidations\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bloody-monday-bitcoin-liquidations\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/bitcoin-bloody-monday-Depositphotos_278658822_xl-2015-scaled.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/bitcoin-bloody-monday-Depositphotos_278658822_xl-2015-scaled.jpeg?fit=2560%2C1440\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2021-03-16T20:00:55Z\",\"datePublished\":\"2021-03-16T20:00:55Z\",\"dateModified\":\"2024-06-11T14:14:01Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/bitcoin-bloody-monday-Depositphotos_278658822_xl-2015-scaled.jpeg?fit=2560%2C1440","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/458839"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=458839"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/458839\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/458844"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=458839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=458839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=458839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}