Bitcoin Falls Below $80,000 as Crypto Liquidations Reach $291 Million

Bitcoin traded below $80,000 as crypto liquidations reached $291 million during the hour ending at 11:18 a.m. ET (15:18 UTC) Saturday, Oct. 24, with long positions accounting for most of the total. Traders holding long positions accounted for $274 million in liquidations, compared with $17.33 million tied to short positions. Long positions are bets on higher prices, while shorts are positioned for declines. The gap put long liquidations at nearly 16 times the short amount, showing that the hour’s forced closures fell heavily on bullish trades.

Source: TokenPost