Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

Bitcoin (BTC) $42,800 Crucial Level Could Wipe Out Over $400 Million in Longs

Published Dec 10, 2023 07:44
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters Bitcoin (BTC) $42,800 Crucial Level Could Wipe Out Over $400 Million in Longs
 
BTC/USD
+1.52%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

U.Today - In a recent tweet that sent shockwaves through the crypto community, the renowned analyst Crypto Rover issued a warning about the precarious state of the Bitcoin (BTC) market. According to the , if the leading cryptocurrency were to hit the $42,800 mark, over $400 million worth of long positions could face liquidation.

As of the latest available , Bitcoin is currently priced at $43,801, reflecting a modest increase of 0.03% in the last 24 hours and an impressive 11.05% surge over the past week. The market has been buzzing with activity, and investors have been closely monitoring the price movements, particularly as Bitcoin consolidates just over the critical $42,800 level.

Data from CoinGlass, a prominent cryptocurrency data provider, that over the last 24 hours, approximately $13.21 million in long positions have already been liquidated. This development adds a layer of complexity to the overall market sentiment, raising concerns about the potential consequences of a further drop in Bitcoin's price.

Way forward

The crypto market is , and such warnings from seasoned analysts often prompt traders and investors to reassess their positions. Long positions, in particular, represent bets that the price of an asset, in this case, Bitcoin, will increase over time. Liquidation occurs when the price falls to a level where these positions are automatically closed to prevent further losses.

Crypto Rover's tweet serves as a stark reminder of the risks inherent in the crypto space, where substantial gains can quickly turn into significant losses. The $42,800 threshold mentioned in the tweet appears to be a crucial support level that could trigger a cascade of liquidations if breached.

Market participants are now closely watching Bitcoin's price movements, with many expressing a heightened sense of caution. The current , while slightly above the mentioned danger zone, is still seen as precarious given the volatility of cryptocurrency markets. As the crypto community braces for potential market turbulence, investors are advised to exercise caution, conduct thorough research and stay informed about the latest developments.

This article was originally published on U.Today

Bitcoin (BTC) $42,800 Crucial Level Could Wipe Out Over $400 Million in Longs
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Raffi Barsoumian
Raffi Barsoumian Dec 10, 2023 23:09
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Nice try, we are not selling.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email