{"id":14521,"date":"2024-01-15T05:07:51","date_gmt":"2024-01-15T05:07:51","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14521"},"modified":"2024-01-15T05:07:54","modified_gmt":"2024-01-15T05:07:54","slug":"bitcoin-dips-below-42k-liquidates-majority-of-long-positions-across-exchanges","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14521","title":{"rendered":"Bitcoin dips below $42k, liquidates majority of long positions across exchanges"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) fell below $42,000 for the second time over the weekend after failing to break above $43,100 amid subdued trading volumes after the ETF hype at the end of last week.<\/p>\n<p>As of press time, BTC was trading at $41,870 on most of the large exchanges. The price is still above the key support level of $40,250; however, sell pressure continues to mount before the Asian markets open for trading.<\/p>\n<p>The flagship crypto experienced $23.68 million in liquidations over the past 24 hours, roughly 85% of which were longs \u2014 equating to $20.11 million, according to CoinGlass data.<\/p>\n<p>The liquidations largely affected traders on prominent exchanges, with Binance and OKX bearing the brunt, witnessing liquidations of $7.51 million and $5.26 million, respectively.<\/p>\n<h2>Sell the news<\/h2>\n<p>The approval and launch of spot Bitcoin ETFs initially led to a surge in Bitcoin\u2019s price, reaching around $49,000. However, following the excitement, there has been a notable downturn in the price, partly due to market reactions typical of \u201csell the news\u201d events.<\/p>\n<p>This kind of market behavior often occurs when there is a build-up of anticipation for an event (like the launch of ETFs), followed by a quick sell-off after the actual event.<\/p>\n<p>From a technical analysis perspective, Bitcoin was showing signs of buyer exhaustion and increased selling pressure.\u00a0Analysts observing indicators like the Exponential Moving Average (EMA) noted that Bitcoin was trading at key resistance levels, suggesting a potential price correction.<\/p>\n<p>These technical signals can often lead to a self-fulfilling prophecy as traders and investors react to them.<\/p>\n<h2>ETF issuers buying the dip<\/h2>\n<p>Meanwhile, the ETF issuers have reportedly bought 23,000 BTC amid the downturn, with BlackRock accounting for 11,500 Bitcoin. It is unclear whether the interest in these products will continue to gain traction or if the weekend lull is a precursor to the coming days.<\/p>\n<p>Experts believe that if these institutions continue scooping up Bitcoin at similar levels, it will likely lead to a supply crunch within a few months and could push the price to new highs.<\/p>\n<p>However, the market has been wary of outflows from Grayscale\u2019s GBTC ETF, whose holders have been underwater since 2022 and are likely looking for an opportunity to sell as they are made whole.<\/p>\n<p> BTC Price &amp; Market Data<\/p>\n<p>At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is <strong>down 2.04%<\/strong> over the past 24 hours. BTC has a market capitalization of <strong>$822.13 billion<\/strong> with a 24-hour trading volume of <strong>$17.72 billion<\/strong>. Learn more about BTC \u203a<\/p>\n<p class=\"chart-credit\">BTCUSD Chart by TradingView<\/p>\n<p>Market summary<\/p>\n<p>At the time of press, the global cryptocurrency market is valued at at <strong>$1.65 trillion<\/strong> with a 24-hour volume of <strong>$48.87 billion<\/strong>. Bitcoin dominance is currently at <strong>49.71%<\/strong>. Learn more \u203a<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/bitcoin-dips-below-42k-liquidates-majority-of-long-positions-across-exchanges\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) fell below $42,000 for the second time over the weekend after failing to break above $43,100 amid subdued trading volumes after the ETF hype at the end of last week. As of press time, BTC was trading at $41,870 on most of the large exchanges. The price is still above the key support [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-14521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14521"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14521\/revisions"}],"predecessor-version":[{"id":14523,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14521\/revisions\/14523"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14522"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}