bullish

2024

Bitcoin

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The cryptocurrency market witnessed a sudden dip earlier today, causing a significant increase in the amount of liquidations. But the downtrend seems to be fading away. 
According to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="nofollow">data</a> provided by CoinGlass, over $178 million have been liquidated from the crypto market over the past 24 hours, marking a 292% increase. Bullish traders, holding long positions, witnessed most of the losses, worth $153 million. 
The total open interest in the crypto ecosystem declined by 2% in the past 24 hours and is currently hovering at $55 billion. 
Data shows that most of the liquidations were executed in retail traders’ positions. The largest single liquidation, worth $2 million, happened on the OKX exchange. 
Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) is leading the chart with $55 million in liquidations followed by Bitcoin’s (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) $35 million.&nbsp; 
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The massive liquidations brought a dip to the crypto market. The global cryptocurrency market capitalization declined by 3.6% in the past 24 hours and is sitting at $2.14 trillion, according to data from CoinGecko. 
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 <img loading="lazy" decoding="async" width="1566" height="571" src="https://crypto.news/app/uploads/2024/09/Screenshot-2024-09-16-141919.png" alt="$178m liquidated, but the pullback seems to be over - 15" class="wp-image-14298056">
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 Crypto market cap – Sept. 16 | Source: <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">CoinGecko</a>
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Bitcoin dropped to an intraday low of $58,150 but soon regained momentum to the $59,000 mark. 
According to CryptoQuant, the number of Bitcoin addresses depositing into exchanges has dropped to 132,100 — a level last seen in 2016. 
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> Exchange Depositing Addresses at Its Lowest Level Since 2016 “A low value suggests a decrease in the number of investors selling coins on spot exchanges, potentially indicating a reduction in selling pressure.” – By <a href="https://twitter.com/CryptoOnchain?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@CryptoOnchain</a> Read more 👇<a rel="nofollow" href="https://t.co/8S775z2oue" target="_blank">https://t.co/8S775z2oue</a> <a rel="nofollow" href="https://t.co/dQ0K1lss7K" target="_blank">pic.twitter.com/dQ0K1lss7K</a>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1835607392051937645?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 16, 2024</a>
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The indicator shows that the number of holders selling BTC has significantly decreased. This will, consequently, hint at a declining selling pressure and lower price volatility. 
Per a crypto.news report on Sept. 15, over $1.3 billion worth of BTC <a href="https://crypto.news/1-3-billion-bitcoin-left-exchanges-bulls-losing-60k/" target="_blank">left centralized exchanges</a> last week. Bitcoin’s on-chain movements and indicators show a potential <a href="https://crypto.news/crypto-analysts-bitcoin-price-primed-bullish-breakout/" target="_blank">bullish momentum</a>. 
However, macro events could still shift the market direction despite the bullish investor sentiment. 
 Read more: <a rel="" href="https://crypto.news/avalanche-backed-borrowing-protocol-deltaprime-suffers-4-5m-hack/"> Avalanche-backed borrowing protocol DeltaPrime suffers $4.5m hack </a>

$178m liquidated, but the pullback seems to be over

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