2024

Bitcoin

when

April

Billion

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<p dir="ltr">Renowned crypto trader and analyst Ali Martinez has outlined a crucial price level for Bitcoin (<a href="https://u.today/bitcoin-bull-market-over-says-social-data">BTC</a>) that will see it hit over $15 billion in liquidations. The analyst’s projections come on the heels of the recent market downturn, which resulted in Bitcoin dropping below its cycle high of $62,222.</p>
<h2 id="analyst-highlights-50-500-as-crucial-level-for-btc">Analyst highlights $50,500 as crucial level for BTC</h2>
<p dir="ltr">The analyst&nbsp;<a href="https://twitter.com/ali_charts/status/1780716502619988142">illustrated</a> on a chart that more than $15 billion in liquidations will occur on the Binance market alone if Bitcoin drops to $50,500. This price is critical for Bitcoin because its lowest price since its all-time high was $59,773.&nbsp;</p>
<p dir="ltr">It is worth noting that the implications of Bitcoin seeing liquidations of over $15 billion in Binance alone would ignite huge implications not just for the cryptocurrency but also for the entire crypto market. This could exert pressure on the market, leading to a further decline in prices.</p>
<blockquote>
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> dropping to $50,500 will trigger over $15 billion in liquidations on <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> alone! <a href="https://t.co/9wQTVwprgx">pic.twitter.com/9wQTVwprgx</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1780716502619988142?ref_src=twsrc%5Etfw">April 17, 2024</a>
</blockquote> 
<p dir="ltr">Liquidations occur when a trader's position is forcibly closed due to insufficient funds to cover losses. This happens when the market moves against the trader's position, resulting in the depletion of their initial margin.&nbsp;</p>
<p dir="ltr">CoinGlass&nbsp;<a href="https://www.coinglass.com/LiquidationData">data</a> shows Bitcoin has seen liquidations of $95.97 million in the past 24 hours. Of these figures, long positions accounted for $62.7 million, while short positions accounted for $33.24 million. Per liquidations from exchanges, Binance recorded the highest order at $103.9 million, followed by OKX with $92.68 million within the last 24 hours.</p>
<h2 id="bitcoin-still-bleeding">Bitcoin still bleeding&nbsp;</h2>
<p dir="ltr">At the time of writing, Bitcoin is trading at $61,712, down by 1.99% in the last 24 hours, with its market capitalization pegged at $1.2 billion.&nbsp;</p>
<p dir="ltr">According to a&nbsp;<a href="https://u.today/market-bloodbath-bitcoin-btc-plunges-below-60k-ethereum-eth-loses-3k">U.Today</a> report, this is the first time in over a month that the price of Bitcoin has fallen below $60,000. Bitcoin fell to $59,313 on March 5, recovered the next day, and eventually reached its all-time high of $73,679 on the Bitstamp platform on March 13.</p>

Bitcoin (BTC) to Trigger $15 Billion in Liquidations If This Happens

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