Is Bitcoin bear season here as $200 million worth of BTC liquidated in the last 24 hours
Traders counted their losses during intraday trading in the cryptocurrency market on August 19 as the carnage led to more than $600 million in liquidations, data from Coinglass revealed. The series of liquidations that followed saw the global cryptocurrency market cap fall by 5.8% over the past 24 hours, according to CoinGecko.
According to data from Coinglass, 112,987 traders have been liquidated in the last 24 hours. As a result, total liquidations in the cryptocurrency market stood at $562 million and counting at press time. Thus, long liquidations accounted for up to USD 479 million of the total liquidations. In comparison, short liquidations accounted for 82 million dollars of the total liquidations in the last 24 hours.
The king coin, Bitcoin [BTC], led the market with the most liquidations in the last 24 hours, as $218 million (10,000 BTC) has been taken off the market. Currently trading at $21,154.55 with a price decrease of 7% in the last 24 hours, the market decline on August 19 forced the leading coin to fall below the $22,000 price mark to reach a low at the $21,000 price mark.
Dances with the Bears
Interestingly, despite the market downturn that forced BTC to close the August 19 trading session down 8%, trading volume on the network went up by over 70%. Still up 55% in the last 24 hours, the lack of a corresponding price increase within the same period points to buyer fatigue.
This point is further confirmed by the placement of the coin’s Relative Strength Index (RSI) and Money Flow Index (MFI) on a daily chart. At the time of writing, these two key indicators were spotted in a downtrend moving towards the oversold region. RSI and MFI were both tied at 36.
Source: TradingView
Far from over?
A further price drop could mark BTC’s trading activity in the coming days as data from Santiment revealed more BTC coins leaving exchanges than entering. Exchange Flow Balance on a daily chart had negative -722. Such a position is usually followed by a further decline in the price of an asset.
Source: Sentiment
As the price fell on August 19, the number of transactions made by whales on the BTC network fell. As of this writing, the transaction count for whale transactions of $100,000 and above had fallen by over 80%. For whale transactions of $1 million and above, this had also fallen by 87% at press time.
Source: Sentiment
At press time, BTC’s weighted sentiment posted a negative value of -0.343 for traders looking to trade against the market.
Source: Sentiment
