According to the latest data from Coinglass, Bitcoin price movements could lead to significant liquidation events on major centralized exchanges (CEX). If Bitcoin’s price falls below $61,000, long positions could be liquidated with a total value reaching up to $653 million
Potential Rise Above $64,000
On the other hand, if #bitcoin☀️ breaks above $64,000, short positions could face even more substantial liquidations, totaling $848 million.
Importance of Liquidation Zones
Coinglass provides a chart that highlights the relative importance of these liquidation zones. The exact number or value of contracts to be liquidated is not specified. Instead, the chart shows the relative importance of each zone in comparison to neighboring price levels, emphasizing their strength and potential impact.
Critical Price Levels
The data suggests that these zones represent key price levels that could significantly affect Bitcoin’s price. A higher "liquidation column" indicates a stronger market reaction, reflecting larger volumes of liquidity as Bitcoin approaches these levels.
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