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Late on Sunday, the price of Bitcoin (BTC) experienced a drop of over 2.5%, leading to more than $200 million in liquidations in the last 24 hours. This week, the final decision regarding the much-anticipated spot Bitcoin Exchange-Traded Fund (ETF) is expected. While awaiting the outcome, Bitcoin’s price is consolidating within a narrow range, attempting to find a direction.
Bitcoin Investors at a Loss
As seen in the screenshot below, transactions worth $212.39 million were liquidated in the last 24 hours. The majority of the liquidations occurred in long positions, with long positions worth $172 million and short positions over $40 million being liquidated.
The cause of the liquidations was attributed to Bitcoin’s rapid decline of over 2.5% on Sunday.
F2Pool’s 2,000 BTC Move
While the price of BTC was falling, the famous team highlighted an important point. On-chain analytics platform Lookonchain shared on Twitter that a mining pool, F2Pool, had transferred Bitcoins to Binance. Lookonchain explained the situation as follows:
In the last 7 hours, why did the price of $BTC drop by 1000 dollars (-2.3%)? During this time, we noticed that #F2Pool deposited 1,000 $BTC (43.96M dollars) to #Binance. And #F2Pool also deposited 1,000 $BTC (43.76M dollars) to #Binance two days ago.
The transfer of Bitcoins to exchanges is not only being carried out by F2Pool. Many miners appear to be offloading their Bitcoins as there was a noticeable rise in the leading cryptocurrency. The screenshot below shows that the sales by miners have climbed to the highest level in the last two months since December 2022.
In December 2022, mining companies were struggling due to a broader market crypto crash. In fact, some smaller mining firms even filed for bankruptcy.
Current Bitcoin Situation
Despite the sharp correction on Sunday, Bitcoin recovered after testing the $43,222 level and rose back to the $44,000 level. It is known that the price of Bitcoin has been tightly consolidating between $44,300 and $43,200 since Thursday, with the uncertainty of the upcoming ETF news being cited as the cause.
According to on-chain data, Bitcoin has a strong support zone between $42,560 and $43,245. Ali Martinez made a statement on Twitter:
About 1.11 million $BTC were purchased between $42,560 and $43,245 and have not yet been sold, making this one of the strongest support walls! If #Bitcoin can hold above this level, there is no significant resistance to prevent further progress. However, if the $42,560-$43,245 levels cannot be sustained, expect a drop towards the next critical area of interest between $26,770 and $30,220.
