Crypto Market’s Nearly 6% Slide Costs Bulls $1 Billion in a Day
Crypto traders lost $1.23 billion to forced liquidations over the past 24 hours as the market cap fell 5.75% to $2.33 trillion.
Bets on higher prices accounted for $1.02 billion of the total liquidations, with long positions making up 82.7% of all crypto liquidations, according to Coinglass data. Bitcoin slipped below $68,000 to test its 200-week average, with a weekly close below that line potentially exposing holders to a deeper retest.
Bitcoin Liquidations Double
Bitcoin positions accounted for $637.24 million of the total liquidations, with longs at 90.8%. This is nearly double the $325.28 million in Bitcoin liquidations reported a day earlier. Ethereum followed at $256.52 million, where 76.3% came from long bets.
In total, 163,631 traders were liquidated, up from 112,947 the day before. The largest single order was a $17.81 million Ethereum short on Binance, closed at $1,979.21.
Key Support Levels
Bitcoin traded at $67,623, falling 3.70% over 24 hours. It's now testing its 200-week simple moving average near $67,922, trading just below it. The first support level sits between $66,000 and $67,000, which blocked Bitcoin's recoveries from June through August.
The same average caught Bitcoin in July and launched its August rally.
Ethereum's Technical Position
Ethereum's price fell 3.37% to $1,903.78, now trading below $1,920.51, a Fibonacci support level flagged by analyst More Crypto Online. The analyst's next support sits at $1,832.78.
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