Bitcoin · CryptoSlate
This signal shows Bitcoin is heading towards $60,000 tied to a $14 billion liquidation setup
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Bitcoin is trading below below $78,000 as weakening demand from US spot exchange-traded funds (ETFs) collides with a buildup of leveraged positions that could deepen selling if key support levels fail.
Key facts
- Evidence of this can be seen through BTC treasury firm Strategy which added 24,869 BTC last week for about $2.01 billion at an average purchase price of $80,985
- Alphractal’s aggregated liquidation heatmap showed $1.61 billion in resting long liquidity near $73,716, and the cumulative figure rises to $3.85 billion around $73,281
- This volume scales rapidly, reaching $5.42 billion at $72,702 and culminating at $7.14 billion if the asset touches $72,122
- Cumulative short liquidations would not reach $3.68 billion until the price hits $83,422, and it would take a rally to $88,202 to clear $7.20 billion in short contracts
Summary
Data from CryptoSlate showed that the largest digital asset trades near $77,400 after briefly clearing $82,000 earlier this month. However, market analysts point to a deeper structural imbalance within cryptocurrency exchanges that could dictate Bitcoin’s near-term trajectory. Data from Alphractal showed about $14.3 billion in potential liquidation pressure around Bitcoin’s current level. According to the firm, the total is split across bullish and bearish positions, but the distribution is uneven.