~$225,000,000 has been liquidated on the crypto market over the past 24 hours

The start of 2023 marked the start of an upswing for the crypto market, with the flagship digital asset finally getting out of its ongoing downtrend and starting to move higher. Bitcoin was able to reach $23,000 and $17,000 in a couple of weeks.

When BTC reached $23,000, many people started talking about possible corrections and a locally overheated market. Now experts from Coinglass claim that some bitcoin investors began to take profits, while the other half of those who like to invest in crypto began to incur losses.

Cryptocurrency investors have lost about $225,000,000 in forced liquidations over the past 24 hours, according to Coinglass. Obviously, if the price went down as a result of the liquidations, then the positions of those traders who went into a long position with large leverage were liquidated. Such traders among those who suffered losses turned out to be 90.29%. 63,210 orders have been closed in the last 24 hours.

The biggest loss was recorded on a trader who entered a long position in the amount of $4,640,000. The symbiosis of liquidations and profit taking by traders led to the fact that Bitcoin has already reached the level of $22,600. According to many cryptocurrency experts, many short-term traders and investors have made good profits over the past few weeks and are now looking to fix their profits.

According to experts from Glassnode, 92% of those who sold BTC over the past 24 hours fixed their profits and only 8% fixed their losses. The last time such successful results were seen was in May and November 2021. In May, BTC reached the level of $58,000, and in November a new record was set and the flagship cryptocurrency was valued at $69,000 at its peak.

Analysts at Glassnode are also convinced that the recent surge in BTC profitability and fixed profits could sag the value of the flagship crypto asset even more if short-term investors continue to lock in profits. This means that hypothetically, in the near future, BTC may show a downward trend.