The Bitcoin derivatives market faces heightened risk with $172 million worth of long positions potentially facing liquidation should the cryptocurrency’s price drop below $109,736. This significant exposure underscores the persistent dangers associated with overleveraged trading within the volatile crypto asset class.
Market data indicates considerable stress over the last day, with approximately $93.09 million in Bitcoin long positions already liquidated. This reflects traders facing losses as prices retreat.
Ethereum derivatives experienced even greater pressure within the same 24-hour window, recording liquidations totaling $103.05 million. This surpassed both Bitcoin’s total and the $27.52 million liquidated on XRP open positions.
Bitcoin’s current market positioning shows it struggling to maintain levels above $117,000, increasing scrutiny on immediate technical support around $115,254 and $114,887. A breach of these could trigger accelerated selling.
Highlighting the scale of individual positions impacted, the single largest liquidation order recorded during this period was an Ethereum position against USD Coin (ETH/USDC) valued at approximately $3.29 million.