Bitcoin
Bitcoin Drops Below $57K As $13 Billion of Leveraged Short Positions Placed on Major Exchanges
Since February, Bitcoin has fallen to its lowest price, breaking below $60,000 and reaching $56,900 at press time. The price is now 23% below its recent pre-halving all-time high of $73,000.
Bitcoin Price from November to May (TradingView)
Data from Coinglass shows that Binance, the most liquid exchange for Bitcoin trading, has multiple buy walls in the order book up to around $50,000. Each yellow line represents at least 200 BTC worth of orders, roughly $11.5 million.
The Bitcoin settlement map on Binance, OKX, and Bybit shows nearly $4 billion of leverage in notional value over the last day. Much of the leverage comes in the form of short positions held above $61,000.
Over the past 30 days, nearly $13 billion in leveraged short positions have been placed between $57,000 and $72,000.
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