Bitcoin’s drop from $10,337 to an intra-day low of $10,027 has triggered $77 million in long liquidations on the crypto derivatives platform BitMEX.
Bitcoin Price Drop Responsible for Liquidations
Per a recent revelation by margin trading monitor Datamish, Bitcoin’s price fall has triggered $80.1 million in long liquidations on BitMEX.
Interestingly, the previous week saw $3.5 million short contracts being liquidated and generating about 54% of the volume on the 2nd of September
Furthermore, observation of both the 4-hour chart for XBT/USD trading pair for the perpetual inverse swap contract on BitMEX clearly shows the formation of a falling wedge pattern. This implies Bitcoin has a high affinity to lower correction in the short-term.