Bitcoin’s price is tumbling in the past few hours, dipping below $51K.
The weekend isn’t treating Bitcoin’s price right as it has tumbled below $51K, erasing some of the gains achieved during the rally in the past few days.
As seen in the chart below, the price took a turn for the worse in the past few hours.
BTCUSD_2024-02-17_18-55-36
Source: TradingView
Data from CoinGlass reveals that this has also sent ripples through the derivatives market, liquidating a total of $122 million in the past 24 hours.
As it’s expected, the volume of these moves is significantly lower compared to that of the rally during the week. The cumulative trading volume across all exchanges in the past day is just shy of $70 billion, while it topped $100B during the previous days.
85% of the liquidated positions were long, and Binnace accounts for almost half of all the liquidations.