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<p>The post <a href="https://coinpedia.org/news/bitcoin-longs-worth-1-32-billion-at-risk-if-price-dips-below-59000/" rel="noopener noreferrer nofollow">Bitcoin Longs Worth $1.32 Billion at Risk if Price Dips Below $59,000</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Bitcoin (BTC) the world’s biggest cryptocurrency has been moving sideways continuously for the last 48 hours. This sideways movement in BTC is causing billions of dollars worth of short-term long positions to be at risk of liquidation due to high leverage.</p>
<h2 class="wp-block-heading" id="h-1-32-billion-btc-positions-at-risk-of-liquidation"><strong>$1.32 billion BTC Positions at Risk of Liquidation&nbsp;</strong></h2>
<p>According to the on-chain analytic firm <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener noreferrer nofollow">CoinGlass</a>, over $1.32 billion worth of long positions will be liquidated if BTC crosses or reaches the $59,000 level. Currently, long position holders believe that BTC won’t fall to or reach the $59,000 level, following this they are highly leveraged.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/10201915/jvnc-1024x425.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="425" src="https://image.coinpedia.org/wp-content/uploads/2024/08/10201915/jvnc-1024x425.png" alt="" class="wp-image-337042" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/10201915/jvnc-1024x425.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/10201915/jvnc-300x124.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/10201915/jvnc-768x319.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/10201915/jvnc-150x62.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/10201915/jvnc.png 1470w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="h-bitcoin-technical-analysis-nbsp"><strong>Bitcoin Technical Analysis&nbsp;</strong></h2>
<p>However, expert technical analysis suggests that the $59,000 level is strong support for <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, with the 200 Exponential Moving Average (EMA) also providing strong support for buyers at this level.&nbsp;</p>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/10201758/BTCUSDT_2024-08-10_20-17-41-1024x448.png" alt="" class="wp-image-337039" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/10201758/BTCUSDT_2024-08-10_20-17-41-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/10201758/BTCUSDT_2024-08-10_20-17-41-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/10201758/BTCUSDT_2024-08-10_20-17-41-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/10201758/BTCUSDT_2024-08-10_20-17-41-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/10201758/BTCUSDT_2024-08-10_20-17-41-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/10201758/BTCUSDT_2024-08-10_20-17-41.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>
<p>In this current situation, BTC looks bullish and there is a high chance it could soar to the $65,350 level if it gives a breakout of $61,770. Based on the historical data or price momentum, whenever BTC consolidates in a tight range it tends to experience an upside rally. However, this market is expecting something similar to a prior rally.</p>
<h3 class="wp-block-heading" id="h-btc-whales-activity-nbsp"><strong>BTC Whales Activity&nbsp;</strong></h3>
<p>Amid this price consolidation, whales have moved nearly $200 million worth of BTC to various centralized exchanges, including Coinbase and Kraken. Additionally, two dormant wallets holding nearly $16 million worth of Bitcoin have been activated after 10 years.&nbsp;</p>
<h3 class="wp-block-heading" id="h-market-overview"><strong>Market Overview</strong></h3>
<p>At the press time, BTC is trading near the $60,600 level and has experienced a price decline of 0.25%, in the last 24 hours. Meanwhile, its trading volume has also declined by 45% during the same period. This fall in trading volume suggests fear of price drops that cause lower participation from traders and investors.&nbsp;</p>
<p>Apart from BTC, other top cryptocurrencies including Ethereum (ETH), Solana (SOL), and BNB (BNB) are struggling. In the last 24 hours, ETH, SOL, and BNB have experienced a price surge of 1.6%, 0.5%, and 2.5% respectively.</p>

Bitcoin Longs Worth $1.32 Billion at Risk if Price Dips Below $59,000

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