Bitcoin – Why BTC price faces $78K risk amid $957M crypto liquidations

On the 15th of October, the crypto markets were hit by a $957.77 million wave of liquidations. Notably, long positions accounted for 91.7% of the total, reflecting widespread forced selling. Over the last 24 hours, $878.07 million in leveraged longs were wiped out amid concerns over hotter-than-expected inflation and fears about Federal Reserve policy. The U.S. Department of Labor reported that the annualized increase in consumer prices was up 3.7% in September. This created more pressure on optimistic traders. Ethereum [ETH] accounted for the largest share at $292.83 million, while Bitcoin [BTC] trailed it closely at $203.01 million. Both of them accounted for over 50% of the total liquidations. However, BTC held above the $83,000 support level for some time before dropping to nearly $80,000.

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