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U.Today - The growth trend in the broader digital currency ecosystem has shifted briefly, with traders’ aspirations for Bitcoin and top altcoins to rally eventually leading to mild liquidations. Over the past 24 hours, the combined market liquidations totaled $225.21 million, according to CoinGlass data, with more than 84,000 traders liquidated.
Long trader liquidation imbalance
Notably, the market’s direction often determines which future market participants face the most liquidation: long and short traders. For Bitcoin, the liquidations total $91.43 million, with short traders accounting for $80.51 million. Long traders were positively edged out, with only $10.82 million in liquidations.The trend also spread to Solana and XRP, where short traders recorded more liquidations overall. Per the data from Coinglass, Solana scored a liquidation of $7.89 million within 24 hours compared to XRP’s $3.44 million. For both coins, traders’ short bets were invalidated following the bullish movement on the market.
Crypto liquidations are not uncommon. These current figures show that leverage exposure is minimal, as investors are largely maintaining a cautious approach amid uncertainty.
While the market’s direction remains unknown, the exit of over-leveraged short traders in favor of longs might help stage a breakout.
Bitcoin price shaping market sentiment
The price of Bitcoin reclaimed the $97,000 mark on May 1, which was a positive start to the month amid optimistic expectations from traders. However, it has recorded a reversal and is now changing hands for $96,704.27, up 1.64% in 24 hours.Solana has shed almost 1% of its price to lose the $150 support. In contrast, XRP was trading for $2.215, up 0.33% as of press time.
With the sustained bullish consolidation and crucial acknowledgment from the CIA that BTC is here to stay, trader sentiment may shift in the coming days. The expectation is that BTC will lead the broader market’s bullish reset to new highs.