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$

BTC $94,588 -3.09% ETH $3,447 +3.01% BNB $645 -1.90% SOL $239 -4.85% XRP $1.44
+3.83% TON $6.24 +2.71%
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3 hours ago


BITCOIN PRICE SLIPS TO $93K AS LIQUIDATIONS SOAR AND LONG-TERM BTC HOLDERS TAKE
PROFIT

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?

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Bitcoin’s quest for $100,000 hit an impasse as sellers took control and pushed
BTC $94,610 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.  

BTC/USD and BTC/USDT CEX volume by side. Source: TRDR.io 

Looking beyond the forced selling of margin longs (liquidations), Glassnode
identified Bitcoin long-term holders (LTHs) as another culprit behind the
current selling. The analysts pinpointed the 6-month to 12-month LTH cohort as
the primary seller “when an average cost basis 71% lower than the market price (
~$57.9K).” 



> “With Bitcoin surging from $74K to $99K, they capitalized big on the rally.” 

Financial markets are always a delicate balance between buyers and sellers and
today’s price action saw the bias shift from the shorter-term sentiment being
spot and leveraged long to short. As liquidations ramped up and Bitcoin price
dropped closer to $90,000, a surge in short positions opened, and BTC’s funding
rate climbed from 0.019 to a peak at 0.04. 

BTC/USD 1-day chart. Source: TRDR.io

Related: Who cares about $100K? 5 Things to know in Bitcoin this week

BTC/USDT liquidation map. Source: CoinGlass

Liquidation map data now suggest that a Bitcoin price drop below $94,000 will
kick off the next wave of forced selling to $90,000, a level which some traders
have suggested they would be happy to bid. 



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