Bitcoin holds near $68.7K as $226M liquidations hit longs

Key Takeaways:

• Long positions accounted for 66% of $226.37M liquidations.
• Long-side deleveraging dominated forced exits over the past day.
• Liquidations clustered after marginal downside tests, not broad capitulation.

Total liquidations reached $226.37 million in the past 24 hours, with roughly 66% ($150.66 million) from long positions, based on data from CoinGlass. The skew indicates long-side deleveraging dominating the day’s forced exits.

Such distributions are typical during choppy, rangebound conditions when upward bets cluster near resistance and stop-outs cascade. The figures indicate forced selling was concentrated after marginal downside price tests rather than a broad capitulation.

Traders typically watch large derivatives venues such as Binance during these episodes, given their share of perpetual futures flow. Venue-level liquidation clustering can sway intraday sentiment even when headline totals appear moderate.

Liquidity was thin to start the week and Bitcoin traded in a tight range, limiting directional conviction. As reported by 24/7 Wall St, BTC changed hands near $68,674 on Monday morning, down about 2.3% week over week as U.S. markets were closed for a holiday.

Holiday-thinned order books reduce depth and can amplify small price moves into larger liquidation runs. “Leading cryptocurrencies traded flat on Monday amid thin liquidity due to the holiday,” said Benzinga, noting concurrent softness in gold and silver.

In conditions like these, modest dips can push mark prices through clustered long liquidation levels, triggering auto-deleveraging. Prior analyses have also cautioned that public liquidation dashboards may undercount totals depending on venue coverage, as reported by Cointelegraph, citing a Bybit executive’s observation that public tools can underestimate volumes.

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