BTC Loses the Interest of Holders as Liquidations Spike

The Mean Liquidated Volume for Long Positions in Bitcoin (BTC) Futures Contracts on Okex has surged to a 19-month peak of $730,576.07, according to an X post shared by the on-chain analytics platform Glassnode Alerts. This surpasses the previous 19-month high of $607,216.06 which was recorded on 8 September 2022.

📈 #Bitcoin $BTC Mean Liquidated Volume in Futures Contracts Long Positions just reached a 19-month high of $730,576.07 on #Okex

Previous 19-month high of $607,216.06 was observed on 08 September 2022

View metric:https://t.co/tj77GIdcs8 pic.twitter.com/grYR4JKKxq

— glassnode alerts (@glassnodealerts) September 10, 2023

Glassnode Alerts also shared earlier today that the number of addresses holding 100+ BTC coins has reached a new 4-month low of 15,955. This decrease of addresses with 100+ coins may indicate a reluctance or reduced interest among large investors to accumulate more BTC at its current price.

📉 #Bitcoin $BTC Number of Addresses Holding 100+ Coins just reached a 4-month low of 15,955

View metric:https://t.co/ceqO9LHIvs pic.twitter.com/lkwH6bYvQY

— glassnode alerts (@glassnodealerts) September 23, 2023

At press time, BTC was worth about $26,550.11 after its price dropped by 0.41%, according to data from CoinMarketCap. Along with its price drop, the market leader’s intraday trading volume fell by more than 27% throughout the past day. This left it standing at around $10 billion.

Daily chart for BTC/USDT (Source: TradingView)

From a technical perspective, BTC’s price was trading between the 9-day EMA and 20-day EMA lines at press time. This was after it lost the support of the shorter EMA line over the past 72 hours.

Investors and traders will want to keep an eye on these 2 technical indicators through the course of the next 24-48 hours. Should BTC’s price break below the 20-day EMA line, it may pullback and seek support from the $26K mark. Thereafter, the leading cryptocurrency’s price could break below this level to as low as $25K if the sell volume persists.

On the other hand, a break above the 9-day EMA line, which was situated at $26,619.82 at press, may be followed by BTC flipping the $26,915 resistance level into support. Continued buy support may elevate the cryptocurrency’s price to $27,915 in the following couple of days.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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