Bitcoin’s liquidation surged once its price reached the $38k mark.
Market indicators were bearish on the king coin.
Bitcoin [BTC] had a comfortable rally last month, which pushed its price by over 37%. However, things were quick to turn sour as the coin’s price went under $37k.
According to CoinMarketCap, BTC was down by more than 1% over the last 24 hours. At the time of writing, it was trading at $36,503.55 with a market capitalization of over $713 billion.
To add insult to injury, while the coin’s price plummeted, its trading volume increased by double digits — generally perceived to be a negative signal in itself.
Bitcoin at a critical level
AMBCrypto’s analysis of BTC’s liquidation levels revealed a key factor that could have played a role in its price drop. As per Hyblock Capital’s data, BTC’s liquidation level spiked when the king of cryptos reached the $38,000 mark.
As liquidation shot up, meaning that more investors took their money out, the coin’s pri
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