By coinnews 
In the past 24 hours, about $366 million worth of Bitcoin price bets were liquidated, according to CoinGlass. Traders who bet on the price moving higher (long position) or lower (short position) lost money as Bitcoin moved in the other direction.
Liquidations happen when traders buy or short Bitcoin using leverage, and the price moves against them too far. At that point, their positions are automatically liquidated to avoid more losses. In this instance, traders were caught off guard when Bitcoin price accelerated from the market from a low to a high price. Many traders experienced forced sell-offs.
According to CoinGlass, most of these liquidations occurred while Bitcoin traded in the $82,000 – $86,000 range, which is considered a risky trade zone. Charts from Binance demonstrate the same activity, with yellow and green bars indicating a high liquidating activity and two sharp moves up and down.
These rapid price changes remind us of the volatility of the crypto market. Although Bitcoin has been trending up significantly in the last few months, it is still susceptible to sharp price reversals that take traders out within minutes, particularly if they use leverage or borrowed funds.
Now, traders and analysts are focused on the $80,000 level, and if Bitcoin goes below this amount, there will be more selling pressure. In the meantime, the market is starting to show some tension. As per Kraken’s price feed, Bitcoin is trading at $84,383.51, down by 0.29% in the last 24 hours.