Bitcoin Records Massive Liquidations Across Exchanges, Following a Fresh Attempt at $20,000

Bitcoin Records Massive Liquidations Across Exchanges, Following a Fresh Attempt at $20,000

Bitcoin (BTC) has recorded yet another massive whipsaw, as the price got closer than ever to the highly-coveted $20,000 all-time high across exchanges. However, this rally soon turned into a “bloodbath” for bulls as the price dropped sharply, causing hundreds of millions of dollars to seep out of the cryptocurrency’s market capitalization within a few hours.

Data shows that this whipsaw triggered massive BTC liquidations across most exchanges. At press time, the amount lost is about $290 million in the past few hours and more than $785 million in the past 24 hours.

In the past few hours, the most significant liquidation occurred on BitMEX, where about $4.4 million got withdrawn.

Most notably is the fact that most of the outflows of funds came from the world’s largest cryptocurrency exchange Binance. Bitcoin liquidation on Binance is said to have accounted for about 50% of the entire liquidation, followed by Huobi with 25%. BitMEX and OKEx account for about 18% of all liquidations.

That said, it would be interesting to see how the market maneuvers through this development in the coming hours and days, considering the current level of volatility in the market and the tussle between bulls and bears.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — December 1

Following a significantly bullish performance which saw Bitcoin record a new year-to-date high at $19940 (just $60 away from its ATH), the cryptocurrency was met with a damning selloff, which caused the benchmark cryptocurrency to shave off about $1,600 in a few hours.

That said, BTC has recovered decently from the recent selloff, and a retest of the $20,000 ATH should be anticipated soon.

Nonetheless, in the case of a renewed selloff, the $18,400 support will likely prevent any sustained push to the downside.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $18,800, $18,400, and $18,000.

Total market capital: $565 billion

Bitcoin market capital: $352 billion

Bitcoin dominance: 62%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.