After strongly reaching its all-time high last week, the price of Bitcoin has struggled to maintain its recent upward momentum. In recent days, the leading cryptocurrency has shown particularly slow and apathetic behavior.
On Friday, June 20, the price of Bitcoin took a hard hit, just like the rest of the cryptocurrency market, and briefly fell below $103,000. However, the latest market data suggests that the price of $BTC may enjoy some stability after the recent round of long position liquidations.
Analyst: BTC prepares for a 'healthier price action' streak
In a Quicktake post on the CryptoQuant platform, on-chain analyst Amr Taha explained the dynamics between the price of Bitcoin and its recent prolonged liquidation. According to the online expert, the market leader may be preparing for more stable price action in the coming weeks.
Taha revealed that the critical liquidation group at $103,000, which contained a large volume of over-leveraged long positions on Binance, has been liquidated. This cascade of long liquidations occurred after the price of Bitcoin plummeted towards the $102,500 level on Friday night.
According to data from CryptoQuant, the price drop caused long liquidations on Binance, the world's largest exchange by trading volume, to exceed $160 million. The on-chain analyst noted that this long liquidation also coincided with a significant change in Bitcoin's Net Volume of Takers (BNT) on the cryptocurrency exchange platform.
Taha highlighted that the Net Volume of Takers has deeply entered negative territory, dropping to nearly -$100 million in the last day. As seen in the chart below, this latest drop marks the third time the Net Volume of Takers has fallen to this level in June.
