Glassnode
Bitcoin's largest liquidation cluster sits near $60,000, where long positions opened near the bottom are concentrated. Bitcoin has not retested those entry levels since its sharp rise in August.
A move through $60,000 could trigger forced selling as leveraged long positions are liquidated. Such selling has often presented opportunities for patient buyers, though a test of the level is not guaranteed.
Frequently asked questions
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Which positions are concentrated near Bitcoin's $60,000 level?
The cluster includes long positions opened near the bottom. Bitcoin has not retested their entry levels since its sharp rise in August.
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Why does the August move matter for these Bitcoin longs?
Bitcoin's sharp rise in August left the entry levels of these long positions untested.
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What could happen if Bitcoin moves through $60,000?
A move through the level could trigger liquidations of leveraged long positions and lead to forced selling.
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Why might patient buyers watch for forced selling?
Forced selling has often presented opportunities for patient buyers, although a test of $60,000 is not guaranteed.
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Has Bitcoin retested the clustered longs' entries since August?
No. Bitcoin has not retested those entry levels since its sharp rise in August.
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