{"id":544163,"date":"2023-07-25T01:00:51","date_gmt":"2023-07-25T01:00:51","guid":{"rendered":"https:\/\/wncen.com\/?p=544163"},"modified":"2024-06-11T08:16:27","modified_gmt":"2024-06-11T08:16:27","slug":"over-41-million-bitcoin-liquidated-btc-crashes-29k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/over-41-million-bitcoin-liquidated-btc-crashes-29k\/","title":{"rendered":"Over $41 Million in Bitcoin Long Positions Liquidated as BTC Crashes Toward $29K"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">On July 24, 2023, Coinglass data\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.coinglass.com\/currencies\/BTC\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">revealed<\/span><\/a><span data-preserver-spaces=\"true\"> that over $41 million worth of Bitcoin long and short leveraged positions were liquidated as the BTC prices unexpectedly crashed below a consolidation level of around $29,500, shrinking by over 4%. The drop below the primary support is heaping pressure on the coin. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It may draw more selling pressure in upcoming sessions, pushing prices toward immediate reaction lines, the next being at about $28,300.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin Drops, Over $41 Million Of Longs Liquidated<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In crypto trading, liquidation happens the facilitating exchange, for example, OKX or Binance, forcibly takes over the collateral securing the leverage position whenever prices move against the trader&#8217;s prognosis. In this case, the recent liquidation was triggered by the rapid sell-off in Bitcoin, leading to a more than 4% price decline within a few hours during the New York Session on July 24. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Binance, the world&#8217;s largest crypto exchange and a platform facilitating trading crypto derivatives, liquidated most levered positions. Significant liquidation amounts were also observed in ByBit and OKX.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/altcoin\/binance-announces-listing-worldcoin\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Binance Announces Listing Of Sam Altman\u2019s Worldcoin, Opens Deposits<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">A big chunk of liquidated positions were &#8220;longs,&#8221; meaning traders expected prices to rise in the days ahead. Coinglass said over $41 million of cumulative long positions were closed. Meanwhile, only $2.5 million of short positions were closed despite Bitcoin plunging, moving along the traders&#8217; price prediction.<\/span><\/p>\n<figure id=\"attachment_544166\" aria-describedby=\"caption-attachment-544166\" style=\"width: 1339px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-544166 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Screenshot363.png?resize=1339%2C348\" alt=\"Bitcoin liquidation: Coinglass\" width=\"1339\" height=\"348\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Screenshot363.png?w=1339 1339w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Screenshot363.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Screenshot363.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Screenshot363.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Screenshot363.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Screenshot363.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-544166\" class=\"wp-caption-text\">Bitcoin liquidation: Coinglass<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Despite Bitcoin remaining in a bullish formation, prices have been moving inside a consolidation, failing to breach the $31,800 level recorded in mid-July 2023. Coinciding with this expansion, a United States judge had ruled to favor Ripple Labs, saying XRP was not a security, in their case against the Securities and Exchange Commission (SEC). <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Following this declaration, the broader crypto market edged higher, only to cool off days later. Bitcoin has been no exception, as current price action reveals.<\/span><\/p>\n<figure style=\"width: 1226px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/qe7ir1Ry\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/qe7ir1Ry\/\" alt=\"Bitcoin price on July 24| Source: BTCUSDT on Binance, TradingView\" width=\"1226\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price on July 24| Source: <a href=\"https:\/\/www.tradingview.com\/x\/qe7ir1Ry\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<h1><span data-preserver-spaces=\"true\">Will ETF Applications Support Prices?<\/span><\/h1>\n<p><span data-preserver-spaces=\"true\">Still, the collapse comes a few days after the SEC accepted applications from major financial institutions, including BlackRock, a prominent Wall Street giant, to launch Bitcoin exchange-traded funds (ETFs). News of BlackRock applying for a Bitcoin ETF previously triggered a bull run, pumping prices to 2023 highs.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Bitcoin remains bullish as prices remain within the leg-up established from June 15 to July 13. Even though fundamental factors could support prices, BTC may edge lower should bulls fail to prop up prices and push them within the consolidation of the better half of July 2023.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-whale-transfers-to-exchanges\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Ethereum Whale Transfers To Exchanges Suggest More Selling Pressure For ETH<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Technically, a close above $31,800 and July 13 highs may drive the coin towards the $36,000 zone and later $43,000 in a buy trend continuation formation. These are critical levels from the Fibonacci extension levels anchored on the recent leg-up from mid-June to mid-July.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On July 24, 2023, Coinglass data\u00a0revealed that over $41 million worth of Bitcoin long and short leveraged positions were liquidated as the BTC prices unexpectedly crashed below a consolidation level of around $29,500, shrinking by over 4%. The drop below the primary support is heaping pressure on the coin. It may draw more selling pressure in upcoming sessions, pushing prices toward immediate reaction lines, the next being at about $28,300.\u00a0 Bitcoin Drops, Over $41 Million Of Longs Liquidated In crypto trading, liquidation happens the facilitating exchange, for example, OKX or Binance, forcibly takes over the collateral securing the leverage position whenever prices move against the trader&#8217;s prognosis. In this case, the recent liquidation was triggered by the rapid sell-off in Bitcoin, leading to a more than 4% price decline within a few hours during the New York Session on July 24. Binance, the world&#8217;s largest crypto exchange and a platform facilitating trading crypto derivatives, liquidated most levered positions. Significant liquidation amounts were also observed in ByBit and OKX. Related Reading: Binance Announces Listing Of Sam Altman\u2019s Worldcoin, Opens Deposits A big chunk of liquidated positions were &#8220;longs,&#8221; meaning traders expected prices to rise in the days ahead. Coinglass said over $41 million of cumulative long positions were closed. Meanwhile, only $2.5 million of short positions were closed despite Bitcoin plunging, moving along the traders&#8217; price prediction. Despite Bitcoin remaining in a bullish formation, prices have been moving inside a consolidation, failing to breach the $31,800 level recorded in mid-July 2023. Coinciding with this expansion, a United States judge had ruled to favor Ripple Labs, saying XRP was not a security, in their case against the Securities and Exchange Commission (SEC). Following this declaration, the broader crypto market edged higher, only to cool off days later. Bitcoin has been no exception, as current price action reveals. Will ETF Applications Support Prices? Still, the collapse comes a few days after the SEC accepted applications from major financial institutions, including BlackRock, a prominent Wall Street giant, to launch Bitcoin exchange-traded funds (ETFs). News of BlackRock applying for a Bitcoin ETF previously triggered a bull run, pumping prices to 2023 highs.\u00a0 Bitcoin remains bullish as prices remain within the leg-up established from June 15 to July 13. Even though fundamental factors could support prices, BTC may edge lower should bulls fail to prop up prices and push them within the consolidation of the better half of July 2023.\u00a0 Related Reading: Ethereum Whale Transfers To Exchanges Suggest More Selling Pressure For ETH Technically, a close above $31,800 and July 13 highs may drive the coin towards the $36,000 zone and later $43,000 in a buy trend continuation formation. These are critical levels from the Fibonacci extension levels anchored on the recent leg-up from mid-June to mid-July. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":542930,"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":[10768,428,14618,768,86404],"class_list":["post-544163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-bitcoin-bulls","tag-bitcoin-trading","tag-okx"],"acf":[],"yoast_head":"\n<title>Over $41 Million in Bitcoin Long Positions Liquidated as BTC Crashes Toward $29K<\/title>\n<meta name=\"description\" content=\"Over $41 million of Bitcoin leveraged positions were liquidated as the BTC prices crashed below $29,500, shrinking by over 4%\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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