Hey everyone,
Here's a significant update on the recent downturn in Bitcoin!
Bitcoin has dipped below $57k amid the placement of $13 billion in leveraged short positions on major exchanges.
A crucial support level lies at $50,000, with notable buy walls observed on Binance, featuring substantial orders.
Since February, Bitcoin has experienced its lowest point, slipping below $60,000 and touching $56,900 at the latest. This represents a 23% drop from its recent pre-halving peak of $73,000.
Coinglass data reveals multiple buy walls on Binance, with each yellow line indicating orders of at least 200 BTC, roughly equivalent to $11.5 million.
The liquidation map across Binance, OKX, and Bybit indicates nearly $4 billion in leverage in notional value over the past day, primarily from short positions held above $61,000.
Over the last month, leveraged short positions worth almost $13 billion have been established between $57,000 and $72,000.
