Long BTC? Your liquidations are served.
As BTC/USD approaches $21,600 on March 9, those who are long BTC are seeing positions evaporate.around Bitcoin retesting $20,000, small shifts in price are still taking their toll on traders., March 8 alone saw $24.4 million of BTC longs liquidated, the highest tally in almost a week.three-week lows
, abandoning $22,000 as support. At the time of writing, the downtrend continues, while liquidations for the day nonetheless remain negligible. Including altcoins, March 8 liquidated $95 million of longs and another $15.4 million of shorts. Further data from on-chain analytics firmBitcoin futures long liquidations dominance chart. Source: Glassnode
Commenting on the action, Filbfilb, co-founder of trading suite Decentrader, argued that it was little surprise that overexposed long positions were feeling the heat. "Makes sense to wipe out the majority longing against the price direction," part of Twitter commentary
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