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Bitcoin’s volatility sparks a $30 million liquidation surge amid a price struggle. Bitcoin’s recent correction triggered a surge in long liquidations, exceeding $30 million in a day. This surge coincided with Bitcoin failing to exceed the $62,000 price level. Analysts note the strong correlation between this volatility and historical patterns.
Bitcoin liquidations spike amid market volatility; price hovers around $62,000#bitcoin #BTC #tafouio #cryptonews pic.twitter.com/uPOugusCJC
— tafou.io (@tafouio) May 8, 2024
Except for once, Bitcoin typically undergoes 5% to 15% drawdowns over two months before rallying. The latest data shows $40 million in liquidated BTC positions in a day, with the broader crypto market facing $145 million in liquidations. Of these, $121 million were from long positions, as per the information provided by Coinglass. This situation hints at potential further downward pressure on Bitcoin in the near term.
Key Bitcoin Levels to Watch – May 8
Since the CHoCH (Change of Character) to the downside, the market’s order flow has been bearish. The CHoCH occurred after the invalidation of the $60771.00 swing low.
As the bearish trend resumes, a BOS (Break Of Structure) at $56500.00 swing low is imminent. The bearish wave is likely to continue until the FVG+OB in the discount zone is reached.
BTCUSD Key Levels
Resistance Levels: $67273.00, $73836.00, $80000.00
Support Levels: $50577.00, $43873.00, $38501.00
Bitcoin Metrics
Total Market Capitalization: $2.29T
Bitcoin Market Capitalization: $1.23T
Bitcoin Volume: $25.34B
Market Rank: #1
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