One trading firm has a price target of as low as $24,000 in the coming months in the absence of immediate market catalysts.
Bitcoin and ether futures traders took on some of the largest losses in over a month as prices moved under support levels in the past two days - breaking down from a period of stagnancy.
Liquidations on futures tracking major tokens crossed the $160 million mark in the past 24 hours, pushing to over $320 million in losses since the start of this week. Such losses come amid one of the lowest volatility periods for bitcoin. Long trades, or bets on higher prices, accounted for 90% of the total liquidations, Coinglass data shows.
Large liquidations can signal the local top or bottom of a price move, which may allow traders to position themselves accordingly.
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