$1.5 Billion Was Liquidated As BTC Crashed $5000 In Minutes

$1.5 billion was liquidated as BTC crashed by $5000 in a few moments and brought the entire market down with it so let’s take a closer look at today’s BTC news.

The cryptocurrency market went through a correction today with the total capitalization seeing $90 billion wiped off in a few hours. This happened right when BTC lost about $5000 of value and most altcoins followed on the losses. The cryptocurrency market was due to have a correction as per many analysts and it seems that one has just happened. Bitcoin lost $5000 from its value in a few moments and took the market down with it. the data shows that it resulted in $1.5 billion was liquidated in both short and long positions across major exchanges in the past 24hours.

At the time of writing, BTC is trading at around $53,700 which is down by 7% on the day. the data from CryptoQuant posted on Twitter, shows that there were major inflows into all exchanges but mostly on Gemini. Altcoins suffered across the board with ETH losing 8% of its value, BNB dropping by 13% and Polkadot dropping by 8.2%. It’s interesting to see that XRP is the only coin that is still in the green over the past day

Almost two days ago, we reported that After a strong close above the $55,000 level, the BTC price extended its upward move and the pair broke the $56K and the $57K resistance levels. It even cleared the $58K level and hit a new ATH at $58,350. Recently there was a minor downside correction below the $57K level and a break below the 23.6% fib retracement level from the upwards move at $54,000 swing low to the $58,350 high. The price even spiked below the $57,000 level but the dips were quite limited. BTC found support near the $56,200 level and the 50% fib retracement level from the upward move at $54,000 swing low to $58,350 high is acting as a support with the key bullish trend line forming at the support near $55,000 on the hourly charts of the pair.

On the upside, the price was facing a short-term resistance near the $57,500 level and a clear break above the $58K resistance will open the doors for a new all-time high. The bitcoin price climbs higher as the bulls tested the $60K level so if the coin fails to clear the resistance zones below, it will correct lower with initial support on the downside being set at $56K level.