The bitcoin exchange rate fell to $59,000 after updating historical highs

The bitcoin exchange rate fell to $59,000 after updating historical highs

Yesterday, on March 5, the exchange rate of the first cryptocurrency exceeded $69,000 and updated the historical maximum. However, BTC failed to gain a foothold at this level ― a few hours later, the price of bitcoin collapsed to $ 59,000.

At the time of publication, the first cryptocurrency is trading at $63,100. Apparently, after updating the highs, many traders triggered orders to sell bitcoins and take profits. Therefore, bitcoin sharply "flew" down and stopped at exactly $ 59,000 ― this is a powerful support that managed to resist. Later, bitcoin managed to win back the drop a little and reach $63,000. However, the drop in BTC in 24 hours was 7.4%.

"Large sellers are using a moment of high volatility and liquidity to dump their stocks," said Vijay Boyapati, a software developer and cryptocurrency enthusiast

Against the background of such volatility, significant volumes of liquidations of margin positions were recorded. According to the Coinglass service, $1.15 billion worth of orders were liquidated over the past day, of which $885.34 million were in "long" positions, and $264.4 million was lost by traders who bet on the fall of bitcoin.

Traders on the Binance exchange lost the most ― $456 million. OKX's customers came in second place, losing $396.1 million, and Bybit's customers, who lost $110.6 million as a result of liquidations, complete the top three most affected.


Read More