$202 Million In Long Liquidations Rock Bitcoin Market — What’s Next For BTC Price?
Bitcoin's price fell to approximately $103,000 on May 31, 2023, remaining over 6% below its all-time high of $111,814. Recent on-chain data indicates a potential upward trend for Bitcoin. The market experienced its third-largest long liquidation in May, with $202 million in BTC long positions liquidated on Binance on May 30. This follows larger liquidations of $211 million on May 12 and $277 million on May 23, reflecting increased speculative activity. These mass liquidations may help stabilize the market by removing excessive leverage. Bitcoin funding rates are currently very low, indicating traders' hesitance to open new long positions. This cautious sentiment could be beneficial for Bitcoin's price and suggests potential for further growth. As of now, Bitcoin's price is around $104,897, showing a slight increase of 0.2% in the last 24 hours.
