Bitcoin had broken above $40,000 again last week, marking the digital asset’s fifth break above this point this year alone. Given that it has been trending in its $36-$38k support level before this, traders had taken to placing their trades in anticipation of the cryptocurrency’s next movements. The digital asset had barreled towards $42,000 leaving positive sentiment in its wake but resistance at this point proved devastating for long traders. Bitcoin Long Traders Suffer Losses A recent pullback in the price of bitcoin saw a significant amount of long liquidations rock the market. Bitcoin which was expected to early break through $42,000 has met more resistance than anticipated. Bears had put up one hell of a fight at this point and in the end, the bulls had succumbed to this pressure, causing the price of the digital asset to revert back down. Related Reading | Shiba Inu Exodus: 32,000 Holders Lose Interest In The ‘Dogecoin Killer’ In the wake of this had been massive liquidations. In a single hour, bitcoin saw more than $20 million in long liquidations happen in the early hours of Monday. These liquidations ramped up as the price fell back below $42,000, eventually reaching as low as $40,889. At this point, BTC had recorded one of the highest hourly long liquidations in its history. It came out to almost $21 million in longs liquidated just as the asset fell below $41,000. More than $53 million BTC liquidated in 24 hou...
