Crypto analyst Ted, known as @tedtalksmacro on X (formerly Twitter), remarked<\/a>, “Today was the largest long liquidation event since the 19th March.\u201d He further elaborated on the effects of this correction by noting, “Nice reset in overall positioning today, even on just a 5% drop lower for Bitcoin… Next leg higher is loading I think.” This comment highlights the severity of the liquidations and suggests a potential rebound or restructuring within the market as it stabilizes.<\/p>\n Coinglass data reveals that over the last 24 hours, 120,569 traders were liquidated, amounting to $395.53 million in total liquidations, with $311.97 million being long positions. Bitcoin-specific long liquidations were at $87.42 million.<\/p>\n With 105.037, the DXY closed at its highest level since November yesterday, evidencing a strengthening US dollar. Given Bitcoin’s inverse correlation<\/a> with the DXY, the stronger dollar might have shifted investor preference towards safer assets, moving away from riskier investments like Bitcoin.<\/p>\n This correlation stems from the global market’s risk sentiment, where a rising DXY often signals a shift towards safer investments, detracting from riskier assets like Bitcoin. However, analyst Coosh Alemzadeh provided a counter perspective, suggesting through a Wyckoff redistribution schema that despite the DXY’s recent uptick, the next move could favor risk assets, potentially including Bitcoin.<\/p>\n #DXY<\/a> \u2b06\ufe0f4 weeks in a row\/broke out of its downtrend so consensus is that a new uptrend is starting yet risk assets are consolidating at ATH <\/p>\n Next move \u2b06\ufe0fin risk assets on deck IMO pic.twitter.com\/u6ORa76vkj<\/a><\/p>\n — \u201cCoosh\u201d Alemzadeh (@AlemzadehC) April 2, 2024<\/a><\/p><\/blockquote>\n![\"Bitcoin](\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/GKHYU8RaQAAC5ZB.jpg?resize=1917%2C998\")
#2 DXY Puts Pressure On Bitcoin<\/h3>\n
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