**Bitcoin Long Liquidations Reach a Three-Month High**
In the past 24 hours, Bitcoin long liquidations have surged to their highest level in approximately three months, with over $245 million in long positions being liquidated. A report from crypto analytics platform CryptoQuant, dated Tuesday, February 25, indicates that this marks the peak of long liquidations since November 2024.
The recent liquidations coincide with Bitcoin’s decline from its highs of $96,500 on Monday, February 24, dropping below the crucial $90,000 support level. In the latest CryptoQuant analysis, the analyst known as “MAC_D” suggested that Bitcoin might be poised for a rebound for two key reasons. First, he pointed out that the liquidation of leveraged positions has thinned the order book, which could facilitate significant price movements with relatively low trading volume. Secondly, he highlighted that the $89,600 price point is likely to act as a support level, as it represents the average entry price for whales who have held their positions for less than six months.
However, as of the latest updates, Bitcoin has dipped below this support level, trading at one point under $87,000. “MAC_D” cautioned that breaching this level could heighten the chances of a sharp decline. Despite this warning, many chart analysts maintain a positive outlook. For instance, “Titan of Crypto” believes that Bitcoin may be on the verge of a significant upward movement, referencing an inverse head and shoulders pattern observed on the weekly candle chart. Meanwhile, “DonAlt” has characterized the recent price correction as merely a sweep of the weekly range lows, suggesting that a close above these lows could set the stage for a bounce in the coming week.
Amid this blend of perspectives, Bitcoin is currently trading around the $89,200 mark, having recovered some of its earlier losses.
