Bitcoin remained steady near the $77,000 level on Monday, even as trading volumes surged and the market braced for one of the largest liquidation events in recent months. According to CoinMarketCap data, BTC traded at $77,013, a modest 0.16% daily gain, while 24-hour trading volume soared 48.43% to $38.43 billion. The relative calm in price action came despite heavy liquidations across the crypto market, with analyst Michaël van de Poppe highlighting accelerated liquidation activity during the latest session.
Altcoins demonstrated relative strength by correcting less than Bitcoin during the pullback, though Bitcoin dominance climbed to 60% and Ethereum's market share declined to 10%. The broader market’s risk profile, however, centered on a critical liquidation threshold. Data from CoinGlass indicates that a drop below $75,035 would trigger the liquidation of approximately $1.08 billion in long positions across major centralized exchanges, including Binance, Bybit, and OKX.
This figure represents the total value of leveraged buy orders that would be automatically closed if the market moves against them. Such a cascade of forced selling could add significant downward pressure, potentially accelerating a sell-off. Conversely, a rally above $78,037 would put $543.31 million in short positions at risk, potentially fueling a short squeeze. The asymmetry—$1.08 billion in long liquidations versus $543 million in shorts—suggests the market is currently skewed toward bullish bets, making $75,000 a key support level for both bulls and bears.
CoinGlass aggregates open interest and leverage data, presenting real-time snapshots of market leverage. Traders view these liquidation clusters as liquidity pools that market makers may target. A breach of $75,035 could mirror the cascading liquidations seen during the May 2021 crash, when over $1 billion in longs were wiped out in a single day. While not a guaranteed price movement, the concentration of liquidations at these levels makes them crucial areas to monitor, especially amid the current period of reduced volatility.
