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$1 Billion Bitcoin Liquidations Shock Market: Here Are Key Price Points to Watch Right Now

Mon, 08/28/2023 - 13:54
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Gamza Khanzadaev
Key Bitcoin (BTC) price points to watch right now amid billion-dollar bloodbath
$1 Billion Bitcoin Liquidations Shock Market: Here Are Key Price Points to Watch Right Now
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In a recent tweet, the cofounders of Glassnode, known as Negentropic on X, delved into the aftermath of a staggering volatility shock that sent shockwaves through the Bitcoin market. The impact was so profound that it triggered a cascade of liquidations amounting to $1 billion within a mere 24-hour window.

As the crypto space faces unprecedented turbulence, investors and enthusiasts find themselves on the edge of their seats, closely monitoring crucial price levels.

Bitcoin Transaction Fees Plunge 15% This Week Amid Slower Activity

At the epicenter of this market upheaval lies the critical support level of $26,000. The analysts emphasize the significance of this level, framing it as the make-or-break point for Bitcoin's trajectory. The potential ramifications are clear: a failure to maintain the $26,000 threshold could pave the way for a retest within the range of $24,800 to $25,000, with liquidity dwindling as the price hovers below $26,000.

Source: Negentropic

However, a sense of cautious optimism lingers as experts highlight a path to recovery. The priority now lies in Bitcoin's ability to get to and hold at $26,300, setting the stage for a potential retest at $26,700 and igniting the hope of breaching the coveted $27,000 mark per BTC.

Bitcoin (BTC) Price Enters 'Midcycle Lull' Phase, Here's What This Means

As August draws to a close and September looms on the horizon, the market braces itself for the next chapter. The RSI (Relative Strength Index) presents a beacon of hope, suggesting the possibility of a comeback, say analysts. However, they caution that the path ahead is not without challenges. Navigating the delicate balance between $25,500 and $26,000 will be key in shaping the narrative in the days to come.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.