The price decline that Bitcoin is facing currently has led to large liquidations of long positions in the past few days.price has left traders in long positions vulnerable. With BTC’s price declining further and crossing critical thresholds, many holders are liquidating their positions.AMBCrypto’s analysis of the Bitcoin liquidation chart on Coinglass indicated that long positions bore the brunt of the liquidations, with approximately $100.3 million being liquidated on the 1st of May.
According to Crypto Rank’s data, long liquidations represented over 80% of the total liquidations recorded on the 1st of May. As of the time of this writing, nearly $13 million had been liquidated in long positions, while short liquidations amounted to around $2 million.Exchange Netflow indicated a notable increase in the number of assets being sent to exchanges, suggesting increased selling activity. The number stood at 1200 on the 1st of May.Further analysis of the BTC flow revealed an inflow of over 32,300. These figures suggested an ongoing trend of increased BTC being sent to exchanges.
At the time of writing, BTC was trading at approximately $57,740, showing a less than 1% decline. This prolonged price decline has further entrenched a bearish trend, as indicated by its Relative Strength Index .Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations.
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