Amid Bitcoin price plunge 150 million longs liquidated on BitMEX

Bitcoin rebounds from $9,600 support but it still has a long way to go before hitting $10,000.
Bitcoin investors lose faith in Bitcoin recovery as 150 million longs are liquidated on BitMEX.

John Isige FXStreet

Bitcoin pierced through $10,000 support area in fresh weekly declines. The drop extended to lows around $9,600. However, a minor recovery has pushed Bitcoin above $9,800. In spite of the recovery, BTC is facing a 2.87% lower correction on the day. Moreover, the prevailing trend is strongly bearish.

Meanwhile, the leading derivatives trading platform in the crypto market BitMEX has seen a massive long position liquation. Josh Olszewicz, a Twitter user with a huge following highlighted the 150 million longs liquidation using a graph.

The liquidation is likely to have been triggered by the failure for Bitcoin to sustained growth when $10,400 was tasted. Besides, these are likely positions entered when Bitcoin recently dived below $10,000.

Alternative data monitoring platform datamish.com shows 102.4 million of longs having liquidated on BitMEX. At the same time, 105,000 of shorts having liquidated in the same period.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

Legal Text

Markets move fast. We move first.

Editor's Picks