- Bitcoin price has dropped for third consecutive day, triggering a flurry of liquidations.
- The total liquidations in the last 24 hours hit nearly $73 million.
- Altcoins like Bitcoin SV, Bitcoin Cash and Aave are leading the collapse.
Bitcoin (BTC) price shot up nearly 10% between September 27 and October 2 and created a local top at $28,613. This move caused many altcoins to pause their downtrend and trigger a bullish breakout, but the last two days have proven that investors need to be cautious.
Also read: Bitcoin Weekly Forecast: BTC recovery rally could be bull trap in disguise, here’s why
Crypto market takes a hit
The sudden spike in Bitcoin (BTC) price was no doubt alluring, but the sudden reversal knocked BTC down by 5.21%. This caught greedy bulls off guard, leading to liquidations worth $73 million in the last 24 hours, according to CoinGlass.
Crypto liquidations
Investors panic-sell altcoins
Bitcoin SV (BSV) price has shed nearly 10% in the last 24 hours, followed by Aave (AAVE) and Bitcoin Cash (BCH), which have lost 7% and 5.60%, respectively.
Also read: Bitcoin SV price rises by 30% in a day as CEO resigns amid controversy
Out of the $73 million liquidations, only $11.28 million came from Bitcoin longs, while the rest of the liquidations came from altcoins.
With a disappointing start to the first Ethereum futures ETF, it makes sense that ETH liquidations hit a whopping $6.77 million.
Read More: Ethereum ETFs fail to live up to hype: combined trading volume amounts to just $1.7 million
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Could Worldcoin price shoot up 45% ahead of OpenAI’s live stream on Monday?
Worldcoin has formed a double bottom around a key support level, suggesting a potential accumulation. If the OpenAI’s Monday live stream has a positive impact on Artificial Intelligence field, it could positively impact WLD and other AI-based tokens.
Here’s what needs to happen for The Graph price to revisit $0.422
The Graph price trades inside the $0.192 to $0.494 range. Investors need to wait for GRT to overcome $0.343 before being bullish on GRT. If successful, GRT could rally 50% and revisit the $0.422 hurdle. A decisive daily candlestick close below $0.192 will invalidate the bullish thesis.
SingularityNET price could bounce 30% if AGIX can hold this level
SingularityNET price has been consolidating around the bottom of the $0.903 to $1.475 range for nearly a month. With some AI-tokens showing signs of revival, AGIX needs to be enalyzed for potential breakout opportunities like Arkham (ARKM).
Arkham price primed for a recovery rally ahead of OpenAI’s announcement
Arkham price eyes a potential reversal as it clears key hurdles. ARKM likely to rally 27% if it can overcome $2.74 resistance level. A breakdown of $2.28 wil invalidate the bullish thesis for the AI-based token.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.