“Crypto Analyst Warns of $33M Liquidations Triggered by Bitcoin Reaching This Level”


On April 7, 2024 at 9:31 PM, crypto analyst Ali Martinez issued a warning about potential liquidations of $33 million on derivative exchanges if Bitcoin’s price reaches $70,190. This alert was shared on Twitter, where Martinez is known for his technical and on-chain analysis in the crypto industry.

At the time of writing, Bitcoin is currently trading at $69,336.8, showing a 0.45% increase in the past 24 hours according to Benzinga Pro’s data. The market is also seeing significant liquidations across various timeframes, with Coinglass reporting liquidations of long positions worth $646.56 thousand and short positions worth $90.23 thousand in the past hour. Over four hours, long positions worth $1.57 million and short positions worth $732.28 thousand were liquidated, and within the last 24 hours, long positions totaling $10.57 million and short positions totaling $21.44 million faced liquidation.

This warning from Ali comes as Bitcoin is trading close to the $70,000 mark, and he had previously outlined key support and resistance levels for the leading cryptocurrency. Other industry experts have also predicted a bullish future for Bitcoin, such as Anthony Scaramucci, founder of SkyBridge Capital, and crypto analyst Lark Davis.

As the cryptocurrency market rebounds, AI and Big Data cryptocurrencies are experiencing a surge, which could potentially influence Bitcoin’s performance. This trend was reported by Santiment, a market intelligence platform, last week.

The Benzinga Neuro content generation system, powered by GPT-4, has utilized the extensive Benzinga Ecosystem to create this timely and comprehensive story. All rights reserved. © 2024 Benzinga.com. Please note that Benzinga does not provide investment advice. This article was engineered by Benzinga Neuro and edited by Kaustubh Bagalkote.

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