"Bitcoin: $1.5 Billion in Short Liquidations Expected if Price Surpasses $120,000"
Summary
- BlockBeats reported that if Bitcoin's price surpasses $120,000, major exchanges could experience short liquidation pressure worth $1.5 billion.
- Conversely, if Bitcoin falls below $116,000, long positions totaling $1.31 billion are expected to be liquidated.
- According to CoinGlass data, Bitcoin currently faces significant liquidation pressure near key psychological resistance and support levels.
If the price of Bitcoin (BTC) surpasses $120,000, an analysis suggests that major cryptocurrency exchanges could see approximately $1.5 billion worth of short liquidations.
On the 19th, the crypto-focused media outlet BlockBeats cited on-chain data platform CoinGlass, reporting that "if Bitcoin breaks above $120,000, cumulative short positions totaling $1.53 billion could be under liquidation pressure on major centralized exchanges (CEXs)."
Conversely, if Bitcoin drops below $116,000, it is estimated that long positions worth about $1.31 billion could be liquidated. This indicates that Bitcoin is currently entering a zone near important psychological resistance and support levels with significant liquidation pressure.
The outlet added, "CoinGlass's liquidation chart does not show the exact number of unsettled contracts or amounts at specific price ranges, but rather provides a relative visualization of how much each liquidation cluster might affect adjacent ranges," and noted, "the larger the liquidation volume, the greater the potential for liquidity shocks at that level."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
