Long position investors in the bitcoin community liquidated their funds on Monday, as the cryptocurrency market plummeted in the new week after a short-lived stay above $45,000 the previous week.
According to Bitcoin Archive, a BTC tracker, it stated on Tuesday that “$146m Bitcoin long positions were liquidated yesterday.”, it wrote on Twitter, reflecting the dampening mood in the market.
On Sunday, bitcoin asking price closed at $42,207.67, but was down -6.35% to $39,521.90, as at end of trading on Tuesday, wiping off $51.01 billion from the market capitalisation.
Bitcoin has been struggling to maintain its hold above $45,000, but it has been faced with resistance at the price range, as sell pressure continued to throw a spanner in the growth of BTC.
With bitcoin unable to best its All-Time High of $68,990.90 since November 2021, its sending a signal that the cryptoasset’s current value is stuck between a price floor and price ceiling, as it bounces between $40,000 and $45,000 in the last four months.
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