Bitcoin’s Recent Market Movements: A Closer Look
Market Overview
On October 11, Bitcoin experienced a notable decline, dropping below the $59,000 mark for the first time since September 18. This downturn sparked a wave of long liquidations throughout the cryptocurrency market. Earlier in the week, Bitcoin had peaked at $64,400 on Monday, October 7, before seeing a decline to approximately $61,200 by Thursday, October 10.
Current Price Status
Overnight, Bitcoin hit a low of $58,800 but has since made a partial recovery, settling at around $60,700 at the time of reporting. Currently, Bitcoin is down 5.8% from its peak earlier in the week.
Liquidation Insights
Recent data from Coinglass indicates that:
- A total of 58,176 traders faced liquidations within the past 24 hours, with total liquidation amounts reaching $196.65 million.
- The largest single liquidation order, valued at $10.51 million, occurred on Binance’s BTCUSDT trading pair.
Liquidation Breakdown by Cryptocurrency
The highest liquidations were observed in the following cryptocurrencies:
- Bitcoin: $67.99 million
- Ethereum: $39.05 million
- Solana: $8.39 million
- Sui: $5.85 million
- Other cryptocurrencies combined: $19.54 million
Long vs. Short Positions
Over the past 24 hours, liquidations were predominantly from long positions, with:
- Long liquidations totaling $144.47 million
- Short liquidations amounting to $52.17 million
On Binance, long liquidations accounted for $27.62 million, representing 91.36% of total liquidations on the platform. Similar trends were noted on both OKX and Bybit, where long positions comprised over 90% of liquidations.
Market Volatility and Trader Risks
This recent price drop and resulting liquidations illustrate the ongoing volatility present within the cryptocurrency market. Traders utilizing leverage have faced significant losses as market conditions moved unfavorably against their positions.