The fall of bitcoin (BTC) below $29,000 cost traders $135 million
Date: 2023-07-25 Author: Karina Ziganova Categories: BLOCKCHAIN
The total amount of liquidations in the crypto market over the past 24 hours has reached $135 million, with BTC and ETH accounting for most of the closed positions.
Yesterday's sharp drop in the price of bitcoin cost traders $40.93 million. Market participants who opened long positions in ETH, XRP and DOGE also suffered significant losses - $12.89 million, $9.49 million and $9.14 million, respectively.
80% of forced closures were split between OKX, Binance, and Bybit. The largest order was executed by OKX — the exchange liquidated a long BTCUSDT in the amount of $2.57 million.
What happens to the price of bitcoin
In June, crypto traders briefly became bulls amid growing institutional interest in bitcoin and the US Federal Reserve's decision to suspend interest rate hikes.
However, the market positivity seems to be fading. The next meeting of the Federal Open Market Committee (FOMC) will be held on July 26, and traders believe that the Fed will start raising interest rates again. CME Group's FedWatch tool shows that this probability is 98.9%.
As a result, the bullish momentum that led bitcoin to a new annual high has almost come to naught: yesterday, the price of BTC briefly fell below the $29,000 mark.
If the asset fails to overcome the $29,250 resistance level, it may continue to move down. The next major support is around $28,500 – a fall below this area will lead to the fact that in the near future the price of bitcoin will head towards $27,500.
