A massive sell-off in the cryptocurrency market resulted in over $1.09 billion in liquidations within a 24-hour period ending Friday morning. Long positions accounted for the majority of this total, reaching $1.05 billion.
Short-term investors moved 55 600 BTC to exchanges at a loss on Thursday. This volume of loss-driven transfers exceeded the levels recorded on June 26, when Bitcoin prices dropped below $60 000.
The market downturn followed reports of the US government transferring more than 12 000 confiscated BTC. Bitcoin prices fell to $80 350 on Bitstamp, marking the lowest point since September 18.
Analysts are closely watching the upcoming weekly candle close. If Bitcoin fails to maintain the $82 500 level as support, it may return to its previous macro accumulation range.
