- Bitcoin sees spikes in slippage as traders are advised to be cautious.
- Bitcoin’s concentrated liquidation levels are near $60,000.
Bitcoin [BTC] continues to show strong momentum, with the price trading above $63,000 as of today. Current market data suggests that BTC has the potential to go even higher.
However, market volatility may increase due to recent spikes in slippages, which could lead to near-term reversals. An important level to keep an eye on if Bitcoins remain above is $62,500.
If BTC falls below this level, a cascade of liquidations could drive prices down. Despite these risks, Bitcoin’s overall uptrend remains intact, with potential support near the $60,000 price zone.
Source: Hyblock Capital
Bitcoin liquidation updates
Liquidations continue to play a crucial role in BTC price movements. In the last 24 hours, Bitcoin has experienced a total of $23.29 million in liquidations, with $16.42 million in longs and $6.87 million in shorts.
In the broader crypto market, 39,721 traders were liquidated, totaling $90.03 million. The largest liquidation order occurred on the Binance exchange for the BTC/USDT pair, worth $5.13 million.
Source: Coinglass
These liquidations can often indicate potential reversal zones in the market, providing insight into where the price could go next.
If Bitcoin rises to $69,000, another $1.9 billion will be liquidated in the future, affecting 81,320 transactions. The price is expected to reach this liquidity level, although a short-term correction could occur before BTC rises to $69,000.
Source: Coinglass
Traders on social platforms are also advised to exercise caution, suggesting they should manage the risk of short liquidations accordingly as market volatility returns. DeFi Mann message on Xformerly Twitter, read:
If You to have your short liquidation at 70k manage your risk Otherwise the market will take care of it You within the next 2 weeks
Liquidation levels concentration
Finally, liquidation maps showing where large amounts of traders’ positions can be liquidated have highlighted Bitcoin’s key areas of potential volatility.
The highest concentrations of liquidation levels for Bitcoin are around $62,500 and $60,000. If prices fall below these levels, it could trigger further liquidations, leading to greater volatility and downward pressure.
Read Bitcoin (BTC) price prediction 2024-25
Source: Hyblock Capital
Bitcoin remains in a strong position, with the potential to move higher. However, traders should be aware of the potential for increased volatility and liquidations, especially if BTC falls below critical levels such as $62,500.
If market conditions remain favorable, BTC could continue its upward trend and target higher price levels in the near future.
