Bitcoin (BTC) is nearing crucial price levels that could result in significant market movements. Current data from Coinglass indicates that should Bitcoin surpass $93,000, approximately $721 million in short positions on centralized exchanges (CEXs) would face liquidation.
After dipping below $90,000 over the weekend, Bitcoin has started the week with a recovery, climbing above the $91,000 mark. This upward trend is mirrored by major altcoins, including Ethereum (ETH), which is trading above $3,100. Other notable performers include XRP and Solana (SOL), which have seen gains of 2.6% and 2.2%, respectively, in the past 24 hours.
The potential for continued price increases in Bitcoin and other digital assets appears to hinge on upcoming decisions from the Federal Reserve and statements from Chairman Jerome Powell. As the market reacts to these developments, traders are keeping a close eye on key price thresholds.
According to Coinglass, if Bitcoin drops below $90,000, around $340 million in long positions would also be liquidated. In the last 24 hours alone, the market witnessed $450 million in leveraged transactions liquidated, with $293.2 million in long positions and $157.5 million in short positions being affected. A total of 130,468 traders experienced liquidation events during this time.
The largest liquidation recorded occurred in the ETH/USD pair on Hyperliquid, highlighting the volatility present in the crypto market. As traders prepare for further fluctuations, understanding these critical price levels is essential for navigating the current landscape.
This situation underscores the inherent risks associated with trading Bitcoin and other cryptocurrencies, particularly in a climate influenced by economic policy decisions.
