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More Than 57,000 Traders Liquidated As Bitcoin Declines Below $22,000

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The price of bitcoin has once again fallen below $22,000 once more. As expected, it has come with its own consequences for those in the crypto market. Most prominent have been in the liquidations, which have ballooned in the last 24 hours. With the most recent crash, more than 57,000 traders have seen their positions liquidated.

Bitcoin Dip Triggers $151 Million Liquidations

Over the last 24 hours, more than 57,000 traders have been liquidated in the crypto market. This has led to a total of $151 million in assets liquidated over the last day. The most prominent of these has been the Ethereum liquidations. 

Ethereum, which had taken the lead during the market recovery and rallied higher than $1,600, had led the short liquidations and now, continues to lead in terms of long liquidations. Ethereum liquidations alone have crossed $70 million in the last 24 hours and $20 million in the last 12 hours. 

Related Reading | TA: Bitcoin Price At Clear Risk of Sharp Drop, Indicators Turn Red

Others include bitcoin, which has only seen half the volume of liquidations compared to Ethereum. In total, there have been more than $30 million in bitcoin liquidations in the past day, accounting for 1.38K BTC. This makes it the second-largest liquidation for a digital asset in the last day. The majority of liquidations have been from long traders at 63.96%. 

BTC price falls below $22,000 | Source: BTCUSD on TradingView.com

FOMC Looms Over Market

The recovery that had been rocking bitcoin and other cryptocurrencies has been stopped dead in its tracks as the week opened. There are various factors behind this decline such as large corporations announcing earnings and showing that they had dumped a lot of bitcoin.

Related Reading | TA: Ethereum Stuck In Key Range, Why $1,480 Is The Key

Additionally, the FOMC is starting on Tuesday, and the announcement is expected to be made on Wednesday. So basically, while this is turning out to be a big week for the financial market, it doesn’t necessarily mean that the market would see any good price action.

Bitcoin had also not been able to beat its 200-week moving average, and the resistance faced at this point has brought the price to a lower support point. This has marked a bearish trend for bitcoin, meaning that the digital asset will likely test $20,000 in the coming days.

Featured image from Finance Magnates, chart from TradingView.com

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TA: Bitcoin Price Won’t Go Down Quietly: Key Supports To Watch

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Bitcoin extended losses below the $23,650 support zone against the US Dollar. BTC must stay above $23,200 to avoid more losses in the near term.

  • Bitcoin remained in a bearish zone and traded below the $23,650 support.
  • The price is now trading below the $23,650 level and the 100 hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses if there is a clear move below the $23,200 support in the near term.

Bitcoin Price Drops Further

Bitcoin price failed to stay in a positive zone above the $24,000 level. BTC started another decline and traded below the $23,650 support zone.

There was a clear move below the $23,500 level and the 100 hourly simple moving average. Finally, the price found support near the $23,200 zone. A low was formed near $23,193 and the price is now consolidating losses.

Bitcoin price is now trading below the $23,650 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $23,500 level. It is near the 23.6% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low.

The first major resistance on the upside sits near the $23,800 level. It is near the 50% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low.

The main resistance is forming near the $24,000 zone and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair. A close above the $23,800 and $24,000 resistance levels might start another increase.

Source: BTCUSD on TradingView.com

In the stated case, the price may perhaps climb towards the $24,500 resistance. Any more gains might send the price towards the $25,000 level.

More Losses in BTC?

If bitcoin fails to clear the $24,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,320 level.

The next major support now sits near the $23,200 level. A downside break and close below the $23,200 level might spark another decline. In the stated case, the price might decline towards the $22,750 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $23,320, followed by $23,200.

Major Resistance Levels – $23,500, $23,800 and $24,000.

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AscendEX Lists Betswap.gg (BSGG), a DeFi Betting Exchange

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Ascendex Lists Betswap.gg (Bsgg), A Defi Betting Exchange