Around $2.17 billion in longs will be liquidated if Bitcoin drops below $60,000.
Over $1 billion in shorts will be liquidated if Bitcoin breaks above $66,000.
If Bitcoin loses $60,000, $800 million in longs will be liquidated on Binance.
Bitcoin (BTC), the top digital asset, hovers near the $60,000 mark, despite a recent rally that pushed it past this level. The cryptocurrency aims to overcome the $64,000 resistance zone, but billions in liquidations loom.
Data from Coinglassâs Bitcoin Exchange Liquidation Map reveals that if BTC falls below the $60,000 price level, approximately $2.17 billion in longs will be liquidated from exchanges, with $208.62K liquidated on OKX and $57.97K on Bybit.
A significant concern is that if Bitcoin drops below $60,000, close to $800 million in longs will be liquidated on Binance. This liquidation could further trigger a price crash, leading to a cascading effect and an even more substantial price drop. Additionally, if Bitcoin declines to the $58,000 price level, over $2.25 billion in longs will be wiped out from the entire space.
Read also : Crypto Liquidations: Key Levels for BTC, ETH, SOL, and More
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