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Bitcoin speculators move 55K BTC to exchanges amid $1.1B liquidations

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Bitcoin speculators move 55K BTC to exchanges amid $1.1B liquidations

Bitcoin dipped below $81,000, sparking mass crypto liquidations as traders sent BTC to exchanges at a loss.

A Bitcoin (BTC) and altcoins sell-off triggered more than $1 billion in liquidations over 24 hours as short-term holders sent tens of thousands of BTC to exchanges at a loss.

Data from CoinGlass put total crypto liquidations at $1.09 billion for the 24 hours to 10 am UTC on Friday.

This was the largest daily tally since Aug. 21, when BTC/USD rose from $73,000 to $79,500, setting two-month highs and triggering $1.3 billion in crypto short liquidations. Conversely, long positions accounted for $1.05 billion of Thursday’s total.

The sell-off followed reports of the US government moving more than 12,000 BTC that it had previously confiscated. Such transfers can fuel potential sales.

BTC/USD dropped to $80,350 on Bitstamp, its lowest level since Sept. 18, before recovering to around $82,500 on Friday. That level remained key during Bitcoin’s broader uptrend since early July, and the breakout point for an inverse head-and-shoulders pattern. Bitcoin would need to hold it as support to confirm the bullish reversal.

Trader and analyst Rekt Capital, who has tracked the reversal pattern and its similarities to Bitcoin’s 2023 recovery, now sees the upcoming weekly candle close as key.

“Bitcoin is currently failing its retest of ~$82500. Weekly Close below $82500 and turn it into resistance however and Bitcoin will be back in its Macro Accumulation Range,” he said Thursday on X.

Onchain data also showed stress among newer Bitcoin investors as the market fell.


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