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Market suffers after over $100 million Bitcoin “long positions” got liquidated

History repeats itself once again, as market liquidations force Bitcoin to make a swift downturn. Market observers noted this when the benchmark cryptocurrency lost traction after its upswing above $60,000.

Bitcoin shaved over 5% off its value in the same day, dropping to a daily low of $58,213. The Bitcoin bulls made three different attempts to retrace its steps, as it set out for $60,000, but that price level was not attained as Bitcoin peaked at $59,400.

Not long after, Bitcoin dipped slightly, as a light bearish wave hit the flagship asset, sending it down to a low of $56,000. At the time of this report, Bitcoin is down by 4%, thanks to its mild correction. The dominant cryptocurrency is now trading at a price of $57,318.

BTCUSD Chart By TradingViewExpectations of the bear market storm subsiding is not a sentiment shared by Bitcoin analysts, who rightfully noted that the asset is suffering from the effects of the recent million-dollar liquidation recorded in the market. 

On-chain analytics site Glassnode captured the event in real-time, showing in the chart below how $130 million futures long positions were liquidated in ten minutes. Up till present, there are countless reasons to remain bullish on Bitcoin, but the reoccurring pattern of intense liquidation hints that it may get extremely dark before the market reaches the end of the tunnel.

Almost like Déjà vu, the same pattern of liquidation sent Bitcoin downhill. As we reported previously, an intense selloff took place as 185,350 trades worth $2.2 billion were liquidated in 24hours which saw Bitcoin make a …
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