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$1.5 Billion Was Liquidated As BTC Crashed $5000 In Minutes

crypto market overview

$1.5 billion was liquidated as BTC crashed by $5000 in a few moments and brought the entire market down with it so let’s take a closer look at today’s BTC news.

The cryptocurrency market went through a correction today with the total capitalization seeing $90 billion wiped off in a few hours. This happened right when BTC lost about $5000 of value and most altcoins followed on the losses. The cryptocurrency market was due to have a correction as per many analysts and it seems that one has just happened. Bitcoin lost $5000 from its value in a few moments and took the market down with it. the data shows that it resulted in $1.5 billion was liquidated in both short and long positions across major exchanges in the past 24hours.

Cryptocurrency Market Overview. Source Coin360

At the time of writing, BTC is trading at around $53,700 which is down by 7% on the day. the data from CryptoQuant posted on Twitter, shows that there were major inflows into all exchanges but mostly on Gemini. Altcoins suffered across the board with ETH losing 8% of its value, BNB dropping by 13% and Polkadot dropping by 8.2%. It’s interesting to see that XRP is the only coin that is still in the green over the past day

excahnges reserves
All Exchanges Reserve. Source Twitter

Almost two days ago, we reported that After a strong close above the $55,000 level, the BTC price extended its upward move and the pair broke the $56K and the $57K resistance levels. It even cleared the $58K level and hit a new ATH at $58,350. Recently there was a minor downside correction below the $57K level and a break below the 23.6% fib retracement level from the upwards move at $54,000 swing low to the $58,350 high. The price even spiked below the $57,000 level but the dips were quite limited. BTC found support near the $56,200 level and the 50% fib retracement level from the upward move at $54,000 swing low to $58,350 high is acting as a support with the key bullish trend line forming at the support near $55,000 on the hourly charts of the pair.

On the upside, the price was facing a short-term resistance near the $57,500 level and a clear break above the $58K resistance will open the doors for a new all-time high. The bitcoin price climbs higher as the bulls tested the $60K level so if the coin fails to clear the resistance zones below, it will correct lower with initial support on the downside being set at $56K level.

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