Bitcoin longs take massive beating with $250 million in liquidations

17 Jul, 2019
by Ryan Boltman
Analysis
Bitcoin longs take massive beating with $250 million in liquidations

Bitcoin long traders continue to get battered following the recent price correction which saw $250 million in long positions get liquidated. 

BitMEX traders continue to add long positions, but have seen no respite as Bitoin continued to decline on Tuesday with the cryptocurrency falling over 15% on Tuesday. 

The decline in price took its toll on long positions, liquidating over $237 million on Tuesday evening, with Wednesday morning seeing an addition $19.47 million in liquidations according to Datamish.

BTC/USDT Chart provided by Tradingview

Bitcoin long positions still outweigh short positions by 4 times, with longs currently sitting at 23,100 and shorts sitting at 5,500. While it appears a majority of the traders are longing Bitcoin at this price, the same long versus short ratio was seen on Monday before the massive price drop. 

Currently, it looks as if BTC could see more downside towards $9,000, which would see more blood for long traders at this point. 

Sentiment across social media shows that traders expect Bitcoi to see more blood and correcting below $9,000 and possibly even lower before sseing another bullish push upwards. 

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Read more about: Bitcoin (BTC)

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