Further data from Coinglass shows that over $2 billion has been wiped out from the Bitcoin market in the last 24 hours. Related Reading: Bitcoin Traders Turn Bearish Despite Price Recovery Above $97,000, Here Are The Numbers Bitcoin bulls took the most hit, as $1.88 billion in long positions was liquidated during this period, leading to a crash in BTC’s open interest.
This occurrence spells doom for Bitcoin bulls as the flagship crypto could drop lower if there are no buyers to defend BTC at these levels. Some Positive For Bitcoin Amid Open Interest Crash In an X post, crypto analyst Ali Martinez revealed that 65.75% of Binance traders with open Bitcoin futures positions are betting on the upside.
Bearish Divergence That Led To Market Crash Last Cycle Returns Meanwhile, renowned author and finance expert Robert Kiyosaki suggested that this wasn’t a time to panic as this was an opportunity to buy Bitcoin on sale before it rallies further to the upside. At the time of writing, the Bitcoin price is trading at around $94,000, down over 6% in the last 24 hours, according to data from CoinMarketCap.
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