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$175 Million Worth of Orders Liquidated on Crypto Market as Bitcoin Rallies to $42,000

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Wed, 03/09/2022 - 09:30
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Arman Shirinyan
Almost $200 million worth of orders are getting wiped out from the market as cryptocurrencies recover
$175 Million Worth of Orders Liquidated on Crypto Market as Bitcoin Rallies to $42,000
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Following the $42,000 spike on Bitcoin, the volume of liquidated orders on the market has reached almost $200 million. According to CoinGlass, the liquidation volume in the last 24 hours has reached $183 million. 

As the Exchange Liquidation table suggests, OKEx once again became the largest liquidation volume provider on the market with $72 million orders wiped out. Reportedly 76% of those orders were shorts (sell). 

CoinGlass data
Source: CoinGlass 

As for liquidations by symbol, Bitcoin orders remain the most widely liquidated positions on the market. Second place goes to Ethereum, with $42 million worth of orders wiped out in the last 24 hours.

While the liquidation volume remains relatively high, it is still far behind the record-breaking liquidation tick observed on Jan. 21, when the market faced almost $1 billion of long liquidation volume in 24 hours.

Bitcoin market performance

According to the TradingView chart, Bitcoin has bounced up from the bottom of the ascending rangebound that sits at approximately $37,600. The resistance line of the rangebound sits at approximately $45,000, which was also the reversal zone for the first cryptocurrency back at the beginning of March.

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As for now, the first cryptocurrency is breaking through the 50-day exponential moving average and entering the corridor between the 50- and 200-day EMA, which is the first step before the full reversal rally on the market.

At! press time, Bitcoin trades at $42,119, with $186 million in liquidations in the last 24 hours.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.