Key Points
- Over 110K traders were liquidated as Bitcoin dropped below $97,000, wiping off around $182 million.
- AI tokens AI16Z and ARC, and ADA saw significant gains amid massive whale purchases.
In the last 24 hours, more than 110,000 traders faced liquidation as Bitcoin’s price fell below $97,000. This resulted in approximately $182 million being wiped off. The 20-day EMA, currently at $98,800, is posing resistance for Bitcoin. AI tokens AI16Z and ARC experienced substantial growth in the same period due to large whale purchases.
Bitcoin, the market leader in digital currency, lost the $97,000 price mark following a 1.15% price drop in the last 24 hours. Despite efforts by bulls to push above the $100,000 resistance, bears brought the price down to $96,000, a level that is barely holding on. Amid this uncertainty, over 110,923 traders were liquidated in the past day.
Liquidation Data
According to data from Coinglass, a significant $182.34 million was wiped off from the digital asset space in the past 24 hours. This includes $105.61 million in longs and $77.01 million in shorts. The largest liquidation event of $1.97 million occurred on Bybit, a leading exchange, for the BTCUSDT pair. It is conceivable that Bitcoin could retest lower levels before attempting a breakout above $100,000.
The Coinglass Liquidation Map confirms that if Bitcoin turns bullish and claims the $99,100 price level, an astonishing $1.25 billion in BTC shorts will be wiped off from the digital asset space. If the $100,000 price level is reclaimed, it would result in $1.80 billion worth of short liquidations for Bitcoin.
The 20-day Exponential Moving Average (EMA) is currently presenting a significant resistance for the Bitcoin price action. The 20-day EMA stands at 98,800, and reclaiming this level with substantial volumes could lead to a bullish reversal for BTC.
ADA, AI Tokens Gain Amid Bitcoin Dip
While Bitcoin’s price action remained uncertain, the altcoin sector turned bullish. ADA skyrocketed 9.73% in the last 24 hours and is currently trading at $0.7699, according to CoinMarketCap data. This price surge is the result of digital asset management firm Grayscale including ADA in the exchange-traded fund (ETF) race.
On the other hand, artificial intelligence tokens, including Bittensor, also turned bullish with a 5% increase in the past day. Kaspa also jumped about 5%, AI Rig Complex (ARC) soared more than 41%, and ai16z shot up close to 30% in the past 24 hours. The price surge of ARC and ai16z was due to a new whale, “8u6u3,” purchasing 12.511 million ARC and 6.508 million AI16Z tokens.
Destra Network (DSYNC) and Qubic (QUBIC) also turned bullish, shooting up around 7% and 9%, respectively. The total market cap of the AI sector stood at a monumental $34.73 billion but is expected to grow further.
