{"id":521777,"date":"2023-03-03T14:30:23","date_gmt":"2023-03-03T14:30:23","guid":{"rendered":"https:\/\/wncen.com\/?p=521777"},"modified":"2024-06-11T09:20:10","modified_gmt":"2024-06-11T09:20:10","slug":"bitcoins-decline-to-22000-triggers-second-largest-liquidation-trend-in-2023","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoins-decline-to-22000-triggers-second-largest-liquidation-trend-in-2023\/","title":{"rendered":"Bitcoin\u2019s Decline To $22,000 Triggers Second-Largest Liquidation Trend In 2023"},"content":{"rendered":"

Over the last 24 hours, Bitcoin has seen a drastic decline in price. The digital asset\u2019s value fell by over $1,200 in the space of one hour, dragging it back down to the $21,000 territory for the first time in almost one month. As a result, liquidations across the market ramped up quickly, crossing $200 million in less than 12 hours.<\/p>\n

Long Traders Get The \u2018Short\u2019 End Of The Stick<\/h2>\n

Bitcoin was trending at $23,300 for the better part of Thursday before the bears’ reclaimed control of the market. It was especially brutal given the uncertainty of the market and buying pressure dropping significantly over the past week.<\/p>\n

Related Reading: Decline In Bitcoin Whale Activity Could Signal Further Downside For BTC Price<\/a><\/div>\n

With bitcoin\u2019s decline to $21,900 and then subsequently increase to $22,400, over 80,000 crypto traders suffered liquidations. In just 24 hours, liquidation volumes crossed $215 million and by the 24-hour mark, the figure was sitting above $242 million, data from Coinglass shows.<\/p>\n

\"Bitcoin<\/p>\n

Crypto liquidations cross $242 million | Source: Coinglass<\/a><\/pre>\n
The majority of liquidations were for bitcoin which saw a liquidation volume of $84 million. This is understandable given the Thursday decline was the most prominent in BTC, so the losses quickly followed. It made for the second-largest single liquidation event in 2023 so far, only behind the February 9 decline that saw over $254 million liquidated.<\/p>\n
Long traders were hit the most as 91.9% of all liquidations were from long positions. However, over the last four hours, it has started to skew against short traders who are now seeing more losses due to bitcoin retaking the $22,400 level.<\/p>\n
The single largest liquidation order was recorded on the OKX exchange. The $4.2 million order was placed across the BTC-USDT-SWAP pair on the exchange.\u00a0<\/span><\/p>\n
Bitcoin Not Looking Good For Recovery<\/h2>\n
As the hours have passed following Bitcoin\u2019s price decline, the digital asset has not shown any indication of recovery. It is still sitting in the low $22,000s, which still puts it above its 50-day moving average, but there is no guarantee that it will keep holding this level.<\/p>\n
\"Bitcoin<\/p>\n
BTC price falls to $22,300 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
If bitcoin were to fall below $22,000 again, then $21,000 is the next possible strong support. This means that BTC needs to hold its current level or move above it at least, to go into the weekend with at least some level of momentum, or else, the low liquidity usually associated with weekends will easily pull the price further down.<\/p>\n
Related Reading: Ethereum Whales Shake Off Market Uncertainty, Break 7-Year Accumulation Record<\/a><\/div>\n
At the time of writing, BTC is changing hands at a price of $22,330. It is down 4.48% in the last 24 hours and recorded losses of 6.09% in the last week.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Reuters, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Over the last 24 hours, Bitcoin has seen a drastic decline in price. The digital asset\u2019s value fell by over $1,200 in the space of one hour, dragging it back down to the $21,000 territory for the first time in almost one month. As a result, liquidations across the market ramped up quickly, crossing $200 million in less than 12 hours. Long Traders Get The \u2018Short\u2019 End Of The Stick Bitcoin was trending at $23,300 for the better part of Thursday before the bears’ reclaimed control of the market. It was especially brutal given the uncertainty of the market and buying pressure dropping significantly over the past week. Related Reading: Decline In Bitcoin Whale Activity Could Signal Further Downside For BTC Price With bitcoin\u2019s decline to $21,900 and then subsequently increase to $22,400, over 80,000 crypto traders suffered liquidations. In just 24 hours, liquidation volumes crossed $215 million and by the 24-hour mark, the figure was sitting above $242 million, data from Coinglass shows. Crypto liquidations cross $242 million | Source: Coinglass The majority of liquidations were for bitcoin which saw a liquidation volume of $84 million. This is understandable given the Thursday decline was the most prominent in BTC, so the losses quickly followed. It made for the second-largest single liquidation event in 2023 so far, only behind the February 9 decline that saw over $254 million liquidated. Long traders were hit the most as 91.9% of all liquidations were from long positions. However, over the last four hours, it has started to skew against short traders who are now seeing more losses due to bitcoin retaking the $22,400 level. The single largest liquidation order was recorded on the OKX exchange. The $4.2 million order was placed across the BTC-USDT-SWAP pair on the exchange.\u00a0 Bitcoin Not Looking Good For Recovery As the hours have passed following Bitcoin\u2019s price decline, the digital asset has not shown any indication of recovery. It is still sitting in the low $22,000s, which still puts it above its 50-day moving average, but there is no guarantee that it will keep holding this level. BTC price falls to $22,300 | Source: BTCUSD on TradingView.com If bitcoin were to fall below $22,000 again, then $21,000 is the next possible strong support. This means that BTC needs to hold its current level or move above it at least, to go into the weekend with at least some level of momentum, or else, the low liquidity usually associated with weekends will easily pull the price further down. Related Reading: Ethereum Whales Shake Off Market Uncertainty, Break 7-Year Accumulation Record At the time of writing, BTC is changing hands at a price of $22,330. It is down 4.48% in the last 24 hours and recorded losses of 6.09% in the last week. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from Reuters, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":521782,"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":[428,512,679,1119,85078],"class_list":["post-521777","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-decline","tag-bitcoin-price","tag-btc","tag-liquidations"],"acf":[],"yoast_head":"\nBitcoin\u2019s Decline To $22,000 Triggers Second-Largest Liquidation Trend In 2023<\/title>\n<meta name=\"description\" content=\"Over the last 24 hours, Bitcoin has seen a drastic decline in price. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin\u2019s Decline To $22,000 Triggers Second-Largest Liquidation Trend In 2023","url":"http:\/\/wncen.com\/news\/bitcoins-decline-to-22000-triggers-second-largest-liquidation-trend-in-2023\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoins-decline-to-22000-triggers-second-largest-liquidation-trend-in-2023\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/bitcoin-liquidations.jpeg?resize=200%2C187","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/bitcoin-liquidations.jpeg?fit=269%2C187"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin decline","bitcoin price","btc","liquidations"],"dateCreated":"2023-03-03T14:30:23Z","datePublished":"2023-03-03T14:30:23Z","dateModified":"2024-06-11T09:20:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin\\u2019s Decline To $22,000 Triggers Second-Largest Liquidation Trend In 2023\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoins-decline-to-22000-triggers-second-largest-liquidation-trend-in-2023\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoins-decline-to-22000-triggers-second-largest-liquidation-trend-in-2023\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/bitcoin-liquidations.jpeg?resize=200%2C187\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/bitcoin-liquidations.jpeg?fit=269%2C187\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin decline\",\"bitcoin price\",\"btc\",\"liquidations\"],\"dateCreated\":\"2023-03-03T14:30:23Z\",\"datePublished\":\"2023-03-03T14:30:23Z\",\"dateModified\":\"2024-06-11T09:20:10Z\"}<\/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\/2023\/03\/bitcoin-liquidations.jpeg?fit=269%2C187","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/521777"}],"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\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=521777"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/521777\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/521782"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=521777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=521777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=521777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}