Long liquidations and profit-taking from long-term Bitcoin holders are the primary factors in today’s sell-off. When will the dip buyers show up?
Bitcoin’s quest for $100,000 hit an impasse as sellers took control and pushed BTC price under $93,000. Margin traders sitting in long positions saw heavy losses as the total crypto market liquidations on the buy side reached $337.6 million over the past 24 hours.
Crypto market liquidations. Source: CoinGlass
Proof of the liquidations-driven sell-off can be seen in the chart below depicting volume-by-side data for major centralized exchanges and showing heavy selling at exchanges offering perpetual futures trading.
