- $230 million worth of crypto longs liquidated in an hour.
- Insiders make sale trades at a record pace.
- $2 billion long liquidations could occur if BTC dips to the $106,000 – $108,000 price range.
The crypto market sees heavy liquidations that ignited FUD and dip expectations for the rest of September. In detail, $230 million worth of crypto longs liquidated in an hour, caused by the price of BTC falling below the $112,000 price range. As the price of the pioneer crypto asset, Bitcoin (BTC), continues to drop at a rapid pace, panic selling could push its price to $108,000, leading to $2 billion liquidation if BTC is trading at $106,000.
$230 Million Worth of Crypto Longs Liquidated in an Hour
August and September have sent the crypto community from a state of excitement and euphoria to a state of high anxiety and tension. In the month of August, the price of BTC , the pioneer crypto asset, went on to set its latest ATH price at the $124,000 price range. Soon after, the price of BTC began to decline at a rapid pace, before a short rally, and now another major price drop.
Similarly, the price of EThereum (ETH), the pioneer altcoin asset, went on to set its first ATH price this bull cycle, just 10 days after BTC set its ATH, in the $4,900 price range, just above its previous ATH at the $4,800 price range 4 years ago. Following this, the price of ETH also began to decline following Bitocin’s lead. After a short rally, the price of ETH is also falling rapidly alongside BTC.
With the price of BTC trading at $112,000 and ETH at $4,100, the rapid decline in prices is leading analysts to believe that the long-awaited September correction phase may be underway. This was a prediction made by several reputed crypto analysts who recognized that historically, the crypto market experiences a correction every month of September, and despite BTC having its best September yet, a major correction was expected.
$2 Billion Could Liquidate if BTC falls to $106,000 – $108,000
In detail, this price decline was expected to follow the Fed’s rate cut announcement, which was finally made last week. Since the week was coming to a close, there was no immediate market reaction . However, now, with the new week beginning, it seems the correction may finally be underway. Presently, expectations are for the price of BTC to fall below the $100,000 price range and trade as low as $90,000 to close a CME Gap in that price range.
As we can see from the posts above, $230,000,000 worth of crypto longs were liquidated in under 60 minutes. This shows how quickly the price of BTC is falling. One analyst has marked how insiders have been unloading shares at record pace, with 95% of all insider transactions in the last 30 days entirely sell-driven. Meanwhile, retail has been buying heavily since August, hitting the highest inflows in over a year.
With this observation, the analyst concludes that smart money has been steadily distributing and taking profits while the mases tend to buy at the top and miss gains. Now, with the price fo BTC falling and expected to fall to below $100,000, the crypto market may experience a huge long liquidation of over $2,000,000,000 between the $106,000 and $108,000 price levels. The post concludes that a sweep of this level seems highly likely in the coming weeks before any big recovery and upward move.
