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Liquidation of long positions may have established a local bottom đĽ
Although price sentiment is still bearish and technical indicators signal the possibility of further declines, the level of liquidations in long positions in the bitcoin futures market suggests that selling pressure is reduced. During significant price declines, the number of contracts purchased tends to drop sharply due to liquidations, which reduces selling pressure in the market. On October 1, more than 4,000 BTC longs were liquidated, marking the second largest liquidation event of 2024 based on CryptoQuant data. Usually, these moments of high losses and liquidations establish local bottoms, opening up space for a short-term recovery. At this point, the price is likely to sustain the current range in the short term, but it will be necessary to watch the buying strength to be able to recover the decline.