Date: Mon, July 29, 2024, 04:05 AM GMT
As we kick off a new week, Bitcoin (BTC) is showing strong upward momentum, climbing 2.05% today to trade at $69,348.
Data from Coinglass on July 29 reveals that significant price movements this week could lead to massive liquidations on major centralized exchanges (CEX).
1) Long Orders: If Bitcoin drops to $67,000, these exchanges will face liquidations of long positions totaling $1.32 billion.
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2) Short Orders: If Bitcoin surpasses $71,000, CEXs will see liquidations of short positions amounting to $558 million.
This week will be crucial as most investors are currently focused on long orders. It remains to be seen how Bitcoin’s price will behave and what impact it will have on the market.