Over $650M Liquidated from Crypto Market Today and $1B Will Be Rekt if BTC Drops to $77K

On Nov 11, 2024 at 1:31 pm UTC by · 3 mins read

The ongoing Bitcoin price rally could cool down before continuing with the bull market, thus triggering more crypto volatility and forced liquidation.

As Bitcoin BTC $83 264 24h volatility: 0.1% Market cap: $1.65 T Vol. 24h: $36.22 B price rallied to a new all-time high on Monday, the entire crypto market began gaining bullish momentum led by Ethereum ETH $1 817 24h volatility: 0.0% Market cap: $219.27 B Vol. 24h: $16.53 B , Dogecoin DOGE $0.16 24h volatility: 1.9% Market cap: $24.20 B Vol. 24h: $1.20 B , and Solana SOL $116.7 24h volatility: 2.4% Market cap: $60.13 B Vol. 24h: $5.15 B . The notable spike in cryptocurrency volatility over the weekend, following last week’s high-impact news, resulted in more than $655 million being rekt from the crypto market.

According to the latest market data, more than 230K crypto traders were liquidated in the past 24 hours mostly involving short positions. Bitcoin’s leveraged market led to forced liquidation of about $121 million, with the largest liquidation order happening on the OKX exchange of about $15.56 million.

Ethereum’s leveraged market closely followed with more than $90 million rekt in the past 24 hours. The Dogecoin market closed the top three with more than $68 million in forced liquidations in the last 24 hours.

More Crypto Liquidations Ahead

The entrance of the Bitcoin market into the much-anticipated price discovery phase – following the historic victory of Donald Trump and the Fed’s interest rate cut last week – is expected to trigger further crypto volatility ahead. Furthermore, the heightened cash inflows to cryptocurrency investment products, led by the US spot Bitcoin ETFs, have escalated the emergence of new FOMO traders.

According to market data provided by Coinglass, the cumulative long-liquidated leverage of Bitcoin price drops to about $77,253 is around $1 billion. The chances of Bitcoin price retracing below $80K again before continuing with the rally in the near term cannot be overlooked.

Furthermore, more than 60 percent of all traders on the Binance exchange, the leading centralized exchange with registered users and daily trading volume, with open Bitcoin futures positions are going short.

From a technical analysis standpoint, Bitcoin price is on the cusp of going parabolic in the coming months, as the weekly Relative Strength Index (RSI) attempts to rally above the 70 percent level for the first time since April, this year. Consequently, Bitcoin price could retrace below $80K to retest the recent bullish breakout of precious ATH around $73.7K.

Best Move Ahead

As the cryptocurrency market enters the most volatile phase of the macro bull run, forced liquidations are expected to significantly spike. Moreover, there are possibilities of unexpected FOMO traders amid mainstream adoption fueled by institutional investors.

As a result, crypto veteran leader Changpeng Zhao (CZ), co-founder of Binance, has advised investors to apply proper risk management techniques. Additionally, CZ has reminded crypto degens that the best strategy remains to hold crypto assets through bull markets instead of daily trading to maximize profits.

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