Bitcoin’s Fateful Moment: $50,000 Decides the Next Market Move

full version at coinedition

If Bitcoin falls below $50K, $870 million worth long positions would be liquidated.
$1.53 billion in short positions would be liquidated if BTC jumps above $58K.
If BTC breaks above $60K, over $2 billion worth of short positions will be liquidated.

Bitcoin is teetering on the edge of a potential major sell-off as its price hovers near a critical liquidation threshold of $50,000, according to data from Coinglass.

At the time of writing, Bitcoin is priced at $55,500. However, Coinglass data indicates that leading exchanges could liquidate approximately $870 million worth of long positions if BTC’s price drops below the crucial $50,000 mark.

The $50,000 price point has been a psychological and technical support level for Bitcoin, and a drop below it could trigger a wave of sell-offs. Two major contributing factors to the potential decline are the Mt. Gox repayment plan and the German government’s Bitcoin sell-off. These two entities were primary catalysts for Bitcoin’s fall below the $60,000 price level.

According to CoinMarketCap data, the leading cryptocurrency is 24.56% down from its all…

The post Bitcoin’s Fateful Moment: $50,000 Decides the Next Market Move appeared first on Coin Edition.