- Glassnode Alerts revealed that the Mean Liquidated Volume for Long Positions in BTC Futures Contracts on Okex has surged.
- Meanwhile, the on-chain analytics platform also shared that the number of addresses holding 100+ BTC has dropped.
- BTC’s price was trading between the 9-day and 20-day EMA lines at press time.
The Mean Liquidated Volume for Long Positions in Bitcoin (BTC) Futures Contracts on Okex has surged to a 19-month peak of $730,576.07, according to an X post shared by the on-chain analytics platform Glassnode Alerts. This surpasses the previous 19-month high of $607,216.06 which was recorded on 8 September 2022.
Glassnode Alerts also shared earlier today that the number of addresses holding 100+ BTC coins has reached a new 4-month low of 15,955. This decrease of addresses with 100+ coins may indicate a reluctance or reduced interest among large investors to accumulate more BTC at its current price.
At press time, BTC was worth about $26,550.11 after its price dropped by 0.41%, according to data from CoinMarketCap. Along with its price drop, the market leader’s intraday trading volume fell by more than 27% throughout the past day. This left it standing at around $10 billion.
From a technical perspective, BTC’s price was trading between the 9-day EMA and 20-day EMA lines at press time. This was after it lost the support of the shorter EMA line over the past 72 hours.
Investors and traders will want to keep an eye on these 2 technical indicators through the course of the next 24-48 hours. Should BTC’s price break below the 20-day EMA line, it may pullback and seek support from the $26K mark. Thereafter, the leading cryptocurrency’s price could break below this level to as low as $25K if the sell volume persists.
On the other hand, a break above the 9-day EMA line, which was situated at $26,619.82 at press, may be followed by BTC flipping the $26,915 resistance level into support. Continued buy support may elevate the cryptocurrency’s price to $27,915 in the following couple of days.
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