Bitcoin speculators move 55K BTC to exchanges amid $1.1B liquidations

A Bitcoin (BTC) and altcoins sell-off triggered more than $1 billion in liquidations over 24 hours as short-term holders sent tens of thousands of BTC to exchanges at a loss.

Key points:

• Crypto liquidations hit nearly $1.1 billion over 24 hours after Bitcoin dropped to $80,350.
• BTC price downside further boosted the odds of a breakdown below key support, analysis by Rekt Capital warned.
• Bitcoin short-term holders sent more than 55,000 BTC to exchanges at a loss on Thursday.

Bitcoin drop to $80,350 fuels $1.1 billion liquidations

Data from CoinGlass put total crypto liquidations at $1.09 billion for the 24 hours to 10 am UTC on Friday.

This was the largest daily tally since Aug. 21, when BTC/USD rose from $73,000 to $79,500, setting two-month highs and triggering $1.3 billion in crypto short liquidations. Conversely, long positions accounted for $1.05 billion of Thursday’s total.

BTC/USD vs. crypto liquidations. Source: CoinGlass

The sell-off followed reports of the US government moving more than 12,000 BTC that it had previously confiscated. Such transfers can fuel potential sales.

BTC/USD dropped to $80,350 on Bitstamp, its lowest level since Sept. 18, before recovering to around $82,500 on Friday. That level remained key during Bitcoin’s broader uptrend since early July, and the breakout point for an inverse head-and-shoulders pattern. Bitcoin would need to hold it as support to confirm the bullish reversal.