$300 million in orders getting liquidated as Bitcoin plunges below $35,000
Bitcoin’s fall to $35,000 heightened the fears of most traders and investors in the crypto market as more and more market participants left space for a better time. The negative sentiment is fueled by a massive liquidation volume, which now stands at almost $300 million.
Despite the low trading volume on the weekend, most of the market still lost almost $300 million in liquidations while trying to catch the local bottom, which rarely ends up well.
As the market-tracking website shows, 82% of all liquidated volume is in long orders. While liquidated volume includes positions placed long-term, short-term orders are more likely to account for the majority of liquidated volume as “buy dip” trends have been actively pushed in the crypto space.
Number of long orders moving up
According to data from TradingView and Bitfinex exchange, traders are actively placing long orders for Bitcoin as the asset remains under heavy selling pressure over the last month.
The total number of orders on the exchange reached 51,205, which is the highest number tracked on the market since July 2021, when Bitcoin was trading at $33,200.
A number of long orders on an exchange can usually act as an indicator of an incoming reversal for an asset. Historically, the decreasing price of Bitcoin and the rising number of long orders have shown an upcoming retrace.
Regarding short orders, there is no eye-catching trend in the number of orders placed on the exchange, which shows that the number of long positions should better reflect the current sentiment of traders and hint at a potential reversal. in the future.
