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November 8, 2024
PI Global Investments
Bitcoin

Bitcoin falls below $57k as $13 billion in leveraged shorts placed on major exchanges


Since February, Bitcoin has fallen to its lowest price, breaking below $60,000 and hitting $56,900 as of press time. The price is now 23% below its recent pre-halving all-time high of $73,000.

Bitcoin price November to May (TradingView)
Bitcoin price November to May (TradingView)

Data from Coinglass shows that Binance, the most liquid exchange for Bitcoin trading, has several buy walls in the order book down to around $50,000. Each yellow line represents at least 200 BTC in orders, roughly $11.5 million.

Bitcoin liquidity on Binance (Coinglass)Bitcoin liquidity on Binance (Coinglass)
Bitcoin liquidity on Binance (Coinglass)

The liquidation map for Bitcoin across Binance, OKX, and Bybit shows almost $4 billion of leverage in notional value over the past day. Much of the leverage comes in the form of short positions held above $61,000.

Bitcoin liquidation heatmap (Coinglass)Bitcoin liquidation heatmap (Coinglass)
Bitcoin liquidation map (Coinglass)

Over the past 30 days, almost $13 billion worth of leveraged short positions have been placed between $57,000 and $72,000.

 



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