Due to Bitcoin’s sudden price spike, the amount of cryptocurrency liquidations reached nearly $300 million in just 24 hours. Short positions faced the biggest losses, with over $206 million liquidated as Bitcoin broke through a major resistance level.
Massive liquidations of both long and short positions have occurred over the past few days, with crypto liquidations reaching nearly $300 million in just 24 hours.
This surge in liquidations was triggered by a sharp rise in the price of Bitcoin (BTC), which broke through key resistance levels and triggered a wave of forced liquidations across the market.
Close to $300 million in virtual currency liquidation
According to data from Coinglass, on October 14, crypto liquidations reached approximately $240 million.
Short positions were the hardest hit, with liquidations of about $206 million, and long positions, with about $35 million liquidated.
However, the situation changed in subsequent transactions. The following day, long position liquidations jumped to more than $187 million. Short positions remain under pressure, facing liquidation of more than $123 million.
This total made it the second largest liquidation event of the month, behind the $500 million mega liquidation that occurred on October 1st.
Source: Coinglass
Long positions continue to struggle as of this writing, with over $25 million in liquidations already recorded in the current trading session.
Bitcoin liquidations show strong consistency
Bitcoin’s rapid price fluctuations have led to a recent wave of cryptocurrency liquidations. After a long period of minimal price fluctuations, Bitcoin skyrocketed, especially with the liquidation of short positions.
According to an analysis of AMBCrypto’s liquidation chart, Bitcoin liquidations totaled over $94 million on October 14th. Short positions took the brunt, accounting for $89 million.
In the next session, short-term liquidations decreased to approximately $50 million, while long-term liquidations increased to $27 million.
Source: Coinglass
This pattern suggests that the recent price surge is having a disproportionate impact on short traders as Bitcoin continues to gain momentum.
Bitcoin price trends
Looking at the Bitcoin price chart, the price jumped more than 5% on October 14th. This had a significant impact on short positions, resulting in over $200 million in liquidations.
Read the Bitcoin (BTC) price prediction for 2024-25
The next day, Bitcoin continued its upward momentum, posting a 1% gain. This time, long positions accounted for most of the hits in the liquidation market.
At the time of writing, Bitcoin is trading in the $67,000 price range, showing a slight uptick and adding to the complexity of the crypto liquidation trend.
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