Bitcoin speculators move 55K BTC to exchanges amid $1.1B liquidations — SkimNews
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- Bitcoin dropped to $80,350 on Bitstamp — its lowest level since Sept. 18 — before recovering to around $82,500 on Friday
- Crypto liquidations hit $1.09 billion over 24 hours per CoinGlass, the largest daily tally since Aug. 21, with long positions accounting for $1.05 billion
- Short-term holders sent 55,600 BTC to exchanges at a loss on Thursday, according to CryptoQuant contributor Amr Taha
- The sell-off followed reports of the US government moving more than 12,000 BTC it had previously confiscated, a transfer that can fuel potential sales
- Rekt Capital warned Bitcoin is failing its retest of ~$82,500, noting a weekly close below that level could return it to the macro accumulation range
- Thursday's loss-driven exchange transfers exceeded those of June 26 — when BTC fell below $60,000 — despite Bitcoin trading 36% higher at the time of the latest dump
Why it matters: Leveraged longs took $1.05 billion of the hit, the dominant side of the wipeout. The $82,500 level is now the make-or-break line: a weekly close below would invalidate the inverse head-and-shoulders reversal pattern that has anchored the uptrend since early July. Loss-driven capitulation from short-term holders at prices 36% above June's lows shows the pain is sentiment-driven, not structural.
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