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$160M liquidated as Bitcoin (BTC) rejected at $65K

$160M liquidated as Bitcoin (BTC) rejected at $65K

GrafaGrafa2024/09/23 06:35
By:Liezl Gambe

Bitcoin (CRYPTO:BTC) briefly surged to nearly $65,000 during the Monday morning Asian trading session, hitting a four-week high before encountering strong resistance. 

The quick pullback from this level caused BTC to drop by about $1,000, leading to the liquidation of over-leveraged positions. 

More than 62,000 traders were affected, with total liquidations amounting to $160 million, according to data from CoinGlass. 

Over the weekend, Bitcoin remained relatively stable, hovering around the $63,000 mark. 

However, on Monday, the cryptocurrency initially dropped to $62,400 before rebounding to test the $65,000 resistance. 

Despite the brief rally, Bitcoin faced significant resistance at this level, leading to a sharp rejection and subsequent decline. 

The recent price movements follow the U.S. Federal Reserve’s decision to cut interest rates by 0.5% last Wednesday. 

Bitcoin responded positively to the rate cut, with bulls pushing the price above $64,000 by Friday morning. 

However, BTC was unable to maintain this upward momentum, resulting in a pullback over the weekend and further declines on Monday. 

This volatility extended to the broader cryptocurrency market, with altcoins like Ethereum (CRYPTO:ETH) and Binance Coin (CRYPTO:BNB) also experiencing fluctuations. 

ETH gained over 2%, trading above $2,650, while BNB neared the $600 mark before facing similar resistance. 

High-leverage traders were particularly affected, with CoinGlass reporting total liquidations of $160 million in the past 24 hours. 

The largest single liquidation involved an Ethereum position worth $2.73 million on Binance. 

These market fluctuations highlight the continued uncertainty surrounding cryptocurrency prices, with resistance levels proving difficult to break. 

At the time of reporting, the Bitcoin price was $63,832.88.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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