- Crypto liquidations reached nearly $300 million in just 24 hours, driven by Bitcoin’s sudden price surge.
- Short positions suffered the biggest losses, with more than $206 million liquidated as Bitcoin breached key resistance levels.
In recent days, both long and short positions have seen significant liquidations, with crypto liquidations reaching almost $300 million in just 24 hours.
The catalyst for this wave of liquidations was a sudden rise in the price of Bitcoin [BTC]which broke a key resistance level and caused a wave of forced liquidations across the market.
Crypto Liquidations Nearly $300 Million
Data from Mint glass revealed that crypto liquidations had risen to nearly $240 million as of October 14.
Short positions were hit the hardest, with about $206 million in liquidations, while long positions accounted for about $35 million.
However, the situation changed during the next trading session. The next day, liquidations of long positions rose to more than $187 million. Short positions remained under pressure, experiencing liquidations of more than $123 million.
This combined total represented the second-largest liquidation event of the month, trailing only the massive $500 million liquidation that took place on October 1.
Source: Coinglass
At the time of writing, long positions continue to suffer, with over $25 million in liquidations already in the current trading session.
Bitcoin liquidations show strong consistency
Bitcoin’s rapid price movement caused the recent wave of crypto liquidations. After a long period of minimal price action, Bitcoin rose, leading to a series of liquidations, especially for short positions.
AMBCrypto’s analysis of the liquidation chart showed that on October 14, Bitcoin liquidations totaled more than $94 million. Short positions bore the brunt, accounting for $89 million.
In the next session, short liquidations fell to almost $50 million, while long liquidations rose to $27 million.
Source: Coinglass
This pattern suggests that Bitcoin’s recent price surge has had a disproportionate impact on short traders as momentum continues to build.
Bitcoin price trends
Looking at the price chart of Bitcoin, the price rose by more than 5% on October 14. This had a major impact on the short positions, where more than $200 million in liquidations took place.
Read Bitcoin’s [BTC] Price forecast 2024-25
The next day, Bitcoin continued its upward momentum, gaining 1%. This time, it was the long positions that took most of the brunt of the liquidation market.
At the time of writing, Bitcoin was trading in the $67,000 price range, showing a slight increase and further adding to the complexity of the crypto liquidation trend.