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Bitcoin [BTC] long liquidations soar as price crashes below $23k, more inside

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Bitcoin [BTC] has finally given in to capitulation after struggling to bounce off from support in the $23,000 range. A closer look at the dynamics of its latest bearish outcome revealed that long liquidations may have something to do with the downward momentum.Is your portfolio green?

Check out the Bitcoin Profit CalculatorBitcoin’s long liquidations metric soared in the last 24 hours, proving that there were a large number of leveraged positions.

Liquidations surged by over 360% within a matter of hours and this might have contributed to more sell pressure. Bitcoin exchange reserves drew down slightly despite the price drop and liquidations.Source: CryptoQuantBitcoin’s performance this week extended on the bearish momentum that prevailed since last week.

Moreover, BTC’s extended downside reflected its inability to sum up enough demand to trigger a rally.Source: TradingViewTraders should expect the next support range between the $21,500 – $22,000 price range If Bitcoin maintained its press time trajectory, which was also within the 0.382 Fibonacci zone.

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