Bitcoin dipped 0.7% to trade near $63,400 after a brief morning rally to $64,400 failed. Volatility triggered $39 million in total liquidations over 24 hours, heavily skewed toward long positions.
Key Takeaways
Bitcoin dropped 0.7% to $63,394 on Aug. 11 after Strategy sold 1,690 BTC to fund stock repurchases.Coinglass reported $34.4 million in long liquidations as hundreds of millions of dollars flowed into spot bitcoin ETFs.Bitfinex sees bitcoin bound between $62,000 and $65,000 due to 1.79 million BTC in overhead supply.This trend continued from Monday night until shortly before 4 a.m. EST on Aug. 11, when a rally pushed prices past $64,400 around 8:15 a.m. However, the rally was short-lived, as the cryptocurrency shed more than $1,000 over the next three hours, plummeting to an intraday low of $63,394. As of 2:30 p.m. EST, bitcoin was trading just above $63,400, down 0.7% over 24 hours.
The cryptocurrency’s price action over the past 24 hours once again saw the value of liquidated long bets outpace short liquidations. Coinglass data show that out of $39 million liquidated across the market, long positions totaled $34.4 million, while short positions accounted for just under $5 million.
