Bitcoin Long Squeeze Triggers $49M in Liquidations as Market Caution Grows Amid Potential Bank of Japan Rate Hikes

Bitcoin’s price fell over 3% due to a “Bitcoin long squeeze” in the perpetual futures market, with $49M in liquidations as caution grows

Bitcoin dropped over 3% on Monday, as a “Bitcoin long squeeze” occurred in the perpetual futures market, resulting in $49 million in liquidations. This came amid growing caution in global markets over the potential for interest rate hikes by the Bank of Japan (BOJ).

Bitcoin Long Squeeze Triggers $49M in Liquidations

Data from CoinMarketCap showed that Bitcoin fell by more than 3% in the past 24 hours of trading activity. This followed a “long squeeze” that took place in the perpetual futures market, leading to $49 million in liquidations from long positions.

The futures market has been overheated, with open interest surpassing $19 billion, according to CryptoQuant. Historically, whenever this happened, Bitcoin prices tended to correct lower, as shown by data from Coinglass.

Bitcoin Price Drops After Long Squeeze, Key Support at $23.2K

On Monday, markets were growing cautious, as the leadership change in Japan raised the prospect of interest rate hikes from the BOJ. This added to the downward pressure on risk assets, such as Bitcoin.

Investors remained cautious about a repeat of July's yen carry trade unwind, which saw Bitcoin prices fall sharply. Now, the market was paying close attention to any further actions by the central bank.

Bitcoin dropped below a crucial support level on Monday morning, as a “long squeeze” in the perpetual futures market caused almost $50 million in liquidations. This occurred amid caution in global markets over the potential for interest rate hikes by the Bank of斯克鲁鲁斯 (斯克鲁鲁斯).

Bitcoin Price Drops 3% After Long Squeeze, Key Support at $23.2K

Data from CoinMarketCap showed that Bitcoin fell by more than 3% on Monday, bringing its price down to $23,133. This came after a “long squeeze” occurred in the perpetual futures market, resulting in $49 million in liquidations from long positions.

The futures market has been overheated, with open interest surpassing $19 billion, according to CryptoQuant. Historically, whenever this happened, Bitcoin prices tended to correct lower, as shown by data from Coinglass.

Bitcoin Price Drops After Long Squeeze, Key Support at $23.2K

Bitcoin dropped below a crucial support level on Monday morning, as a “long squeeze” in the perpetual futures market caused almost $50 million in liquidations. This occurred amid caution in global markets over the potential for interest rate hikes by the Bank of Japan (BOJ).

Bitcoin fell by more than 3% in the past 24 hours of trading activity, according to data from CoinMarketCap. At press time, Bitcoin was trading at $23,133.

This came after a “long squeeze” took place in the perpetual futures market, leading to $49 million in liquidations from long positions. A “long squeeze” occurs when traders who are betting on an asset's price to rise (known as going “long”) are forced to close their positions at a loss due to a sharp decrease in the asset's price.

The futures market has been overheated, with open interest surpassing $19 billion, according to CryptoQuant. Historically, whenever this happened, Bitcoin prices tended to correct lower, as shown by data from Coinglass.

Bitcoin dropped below a crucial support level on Monday morning, as a “long squeeze” in the perpetual futures market caused almost $50 million in liquidations. This occurred amid caution in global markets over the potential for interest rate hikes by the Bank of斯克鲁鲁斯 (斯克鲁鲁斯).

Bitcoin fell by more than 3% in the past 24 hours of trading activity, according to data from CoinMarketCap. At press time, Bitcoin was trading at $23,133.

This came after a “long squeeze” took place in the perpetual futures market, leading to $49 million in liquidations from long positions. A “long squeeze” occurs when traders who are betting on an asset's price to rise (known as going “long”) are forced to close their positions at a loss due to a sharp decrease in the asset's price.

The futures market has been overheated, with open interest surpassing $19 billion, according to CryptoQuant. Historically, whenever this happened, Bitcoin prices tended to correct lower, as shown by data from Coinglass.

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