Potential Risks for Overleveraged Buyers as Bitcoin Faces Key Support Levels
Main Idea
The Bitcoin derivatives market is under significant pressure with $172 million in long positions at risk of liquidation if BTC falls below $109,736, highlighting the dangers of overleveraging in crypto trading.
Key Points
1. $172 million in Bitcoin long positions could be liquidated if BTC drops below $109,736.
2. In the past 24 hours, $93.09 million in long positions were liquidated.
3. Ethereum saw $103.05 million in liquidations, surpassing Bitcoin's $28.84 million and XRP's $27.52 million.
4. Bitcoin is struggling to hold the $117,000 level, with key support levels at $115,254 and $114,887.
5. A single largest liquidation hit was an ETH/USDC position worth $3.29 million.
Description
The Bitcoin derivatives market is facing potential liquidations, with $172 million in long positions at risk if BTC falls below $109,736, indicating a critical support level. Current liquidation risks for
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