As Bitcoin lost the $97,000 price level, a whopping 110,000 traders were liquidated with $180 million being wiped off in the past day.
By Parth Dubey
Edited by Marco T. Lanz
Updated
3 mins read
Over 110K traders were liquidated in the past 24 hours, with around $182 million being wiped off. Bitcoin faces resistance at $98,800, where the 20-day EMA currently rests. AI tokens AI16Z and ARC soared significantly in the past day amid massive whale purchases.
Market-leading digital currency, Bitcoin BTC $84 684 24h volatility: 0.2% Market cap: $1.68 T Vol. 24h: $25.28 B , lost the $97,000 price level after a 1.15% price drop in the last 24 hours. While bulls tried to push above the resistance at $100,000, the bears brought the price action down to $96,000, a price level that barely hangs on. Amid this uncertainty, over 110,923 traders were liquidated in the past day.
According to Coinglass data, a substantial $182.34 million was wiped off from the digital asset space in the past 24 hours, including $105.61 million in longs and $77.01 million in shorts. The biggest liquidation event of $1.97 million occurred on the leading exchange, Bybit, for the BTCUSDT pair. It is quite possible that Bitcoin could retest lower levels before reattempting a breakout above $100,000.
It is important to note that the Coinglass Liquidation Map confirms that if Bitcoin turns bullish and claims the $99,100 price level, a staggering $1.25 billion in BTC shorts will be wiped off from the digital asset space. Reclaiming the $100,000 price level would result in $1.80 billion worth of short liquidations for Bitcoin.
The 20-day Exponential Moving Average (EMA) is currently presenting massive resistance for the Bitcoin price action. The 20-day EMA stands at 98,800, and reclaiming this level with substantial volumes could result in a bullish reversal for BTC.
While the Bitcoin price action remained uncertain, the altcoin sector turned bullish, with ADA $0.66 24h volatility: 1.0% Market cap: $23.59 B Vol. 24h: $630.51 M skyrocketing 9.73% in the past 24 hours. At press time, the virtual currency is trading at $0.7699, as per CoinMarketCap data. The price surge was the result of digital asset management firm Grayscale throwing ADA’s name in the exchange-traded fund (ETF) race.
On the other hand, artificial intelligence tokens, including Bittensor TAO $251.0 24h volatility: 2.2% Market cap: $2.15 B Vol. 24h: $60.48 M , which soared 5% in the past day, also turned bullish. Kaspa KAS $0.0753 24h volatility: 1.0% Market cap: $1.96 B Vol. 24h: $83.22 M also jumped about 5%, AI Rig Complex (ARC) skyrocketed more than 41%, and ai16z AI16Z $0.14 24h volatility: 4.4% Market cap: $157.18 M Vol. 24h: $65.75 M shot up close to 30% in the past 24 hours. ARC and ai16z’s price surge was a result of a new whale, “8u6u3,” buying 12.511 million ARC and 6.508 million AI16Z tokens.
Destra Network (DSYNC) and Qubic (QUBIC) also turned bullish, shooting up around 7% and 9%, respectively. The total market cap of the AI sector stood at a monumental $34.73 billion but is expected to grow further.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
