- Bitcoin has fallen below the $60,000 price range.
- More long positions were liquidated in the last 48 hours.
Recent Bitcoin decline [BTC] Rising prices have made traders with long positions vulnerable. Many holders are liquidating their positions as BTC price has fallen further and crossed an important threshold.
Bitcoin liquidation amount exceeds $100 million
According to data from crypto trunk, Cryptocurrency markets saw a total of more than $464 million in liquidations on May 1, with Bitcoin accounting for more than $136 million of these outflows.
AMBCrypto’s analysis of Bitcoin liquidation charts on Coinglass shows that long positions took the brunt of the liquidations, with around $100 million liquidated on May 1st.
Conversely, short-term liquidations were approximately $36.4 million.
Source: Coin Glass
Long positions also faced further liquidation on April 30th, with more than $95 million liquidated compared to about $18.4 million in short positions.
Long-term liquidations accounted for more than 80% of total liquidations recorded on May 1, according to CryptoRank data.
As of this writing, approximately $13 million of long positions have been liquidated and short positions amount to approximately $2 million.
More Bitcoin Hit Exchanges
AMBCrypto examined netflow on Bitcoin exchanges and found that the number of assets being sent to exchanges has increased significantly, suggesting increased selling activity. By May 1st, that number had reached 1,200.
Source: CryptoQuant
Further analysis of BTC flows reveals inflows of over 32,300. These numbers suggest that the trend of increasing BTC being sent to exchanges continues.
BTC in free fall
AMBCrypto’s analysis of Bitcoin’s daily chart reveals a continuous decline in price over the past three days. On May 1st, BTC experienced a 3.89% decline, dropping the price to around $58,260.
It fell below the $60,000 price range for the first time since the sharp rise in March.
Source: TradingView
read bitcoin [BTC] Price prediction for 2024-2025
At the time of writing, BTC was trading around $57,740, down less than 1%. This prolonged price decline further entrenched the bearish trend as indicated by the Relative Strength Index (RSI).
The downward trajectory of prices is also contributing to increased foreign exchange inflows and liquidation of long positions.
