Bitcoin long liquidations over the past 24 hours have hit their highest level in about three months.
Specifically, over $245 million in Bitcoin long positions have been liquidated in the past 24 hours. According to a Tuesday, February 25 report from crypto analytics platform CryptoQuant, this is the highest level of long liquidations the market has experienced since November 2024.
Bitcoin long liquidations chart Source CryptoQuant
The liquidations come as Bitcoin dropped from Monday, February 24, highs of $96,500 to below the psychologically important $90,000 support level.
In the recent CryptoQuant report, analyst “MAC_D” asserted that Bitcoin could rebound for two reasons. First, he contended that such leverage wipeouts thinned the order book, allowing for strong moves with minimal volume.
Secondly, he noted that the $89,600 price level was likely to support the asset’s price, highlighting that it was the average entry price for whales that have held for less than six months.
At the time of writing, however, Bitcoin has breached this support to, at one point, trade below $87,000. “MAC_D” had suggested that a breach of the level could increase the “likelihood of a sharp decline.”
Despite this note of caution, several chart analysts remain optimistic. For example, “Titan of Crypto” has asserted that Bitcoin could be gearing up for an explosive move, citing an inverse head and shoulders pattern on the weekly candle chart.
At the same time, “DonAlt” has described the recent correction as simply a sweep of the weekly range lows, contending that close above the lows will likely precede a bounce next week.
Amid this mix of sentiments, Bitcoin is exchanging hands around the $89,200 level after paring some of its earlier losses.
