Bitcoin (BTC) experienced a notable recovery after dipping below $90,000 over the weekend, entering a pivotal week ahead of the Federal Reserve”s decisions. At the start of this week, Bitcoin has managed to rise above $91,000, coinciding with positive movements in major altcoins such as Ethereum (ETH), which has reclaimed the $3,100 mark. Other notable gainers include XRP and Solana (SOL), which have increased by 2.6% and 2.2%, respectively, in the past 24 hours.
The trajectory of Bitcoin and its altcoin counterparts hinges on the forthcoming decisions from the Federal Reserve and remarks from Chairman Jerome Powell. Recent insights from cryptocurrency tracking platform Coinglass highlight that the current price fluctuations of Bitcoin are on the verge of inciting significant liquidation events on major centralized exchanges.
According to Coinglass, should Bitcoin rise above $93,000, a staggering $721 million in BTC short positions on centralized exchanges would face liquidation. Conversely, if the price drops below $90,000, approximately $340 million in long positions would be liquidated. The data indicates that $450 million in leveraged transactions were liquidated in the last 24 hours, with $293.2 million in long positions and $157.5 million in short positions affected.
In total, 130,468 traders experienced liquidations within the last 24 hours, with the largest being linked to the ETH/USD transaction on the Hyperliquid platform. The volatility in the market underscores the critical levels that investors should monitor closely as the potential for massive liquidations looms.
In conclusion, the current market dynamics present both opportunities and risks, making it essential for investors to keep a watchful eye on these pivotal price levels.
