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

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Wed, 9/03/2022 - 9:30
$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. 

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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). 

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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.

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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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