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CoinGlass recorded $1.09 billion in liquidations over the past 24 hours.

Bitcoin has rebounded to the technical level of $82,500. LINE_BREAK Short-term holders took 55,600 BTC to a loss.

According to Cointelegraph, the low on Bitstamp marked Bitcoins lowest point since September 18. Selected on-chain data provided by CryptoQuant author Amr Taha indicated that on Thursday, the volume of loss-making exchange transfers exceeded the figure recorded during Bitcoins June sell-off, despite the significantly higher price in October.

According to CoinGlass, the volume of liquidations in the crypto market for the 24-hour period ending at 10:00 UTC on Friday totaled $1.09 billion. Long positions accounted for $1.05 billion of the total liquidations on Thursday.

This was the highest daily liquidation volume since August 21. At that time, Bitcoin rose from $73,000 to $79,500, reaching a two-month high and triggering $1.3 billion in short liquidations across the crypto market.

This time, the price of Bitcoin on Bitstamp fell to $80,350 amid rising liquidations across the entire cryptocurrency market.

The $82,500 level serves as the breakout point for the inverted head and shoulders pattern on the Bitcoin chart. The report notes that holding this level as support is a necessary condition for confirming a bullish reversal.

This level has also played an important role within Bitcoins broader uptrend, which has been observed since early July. Fridays rally brought the price back to this level after a decline.

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A trader and analyst at Rekt Capital, who had been tracking this pattern and its similarities to Bitcoins recovery in 2023, described the retest of this level as unsuccessful in a post on X on Thursday. In his analysis, he emphasized that the close of the upcoming weekly candle will be a key factor in assessing this pattern.

According to Taha, on Thursday, short-term Bitcoin holders transferred 55,600 BTC to exchanges at a loss. This category includes market participants who held Bitcoin for up to six months without selling it.

A loss-making transfer means that the coins were deposited on the exchange at a price lower than the cost of their previous transaction. As noted in the report, such movements often reflect an impulsive exit from the market driven by fear of a further decline.

A CryptoQuant comparison showed that the volume of loss-making transfers on Thursday exceeded the figure from June 26, when Bitcoin traded below the $60,000 mark for the second day in a row. Taha compared the October price of over $81,000 with the June price of $59,300a difference of more than 36% .

According to the report, massive sell-offs triggered by losses have historically been accompanied by brief periods of capitulation, which can wear down less resilient holders and lay the groundwork for a recovery. Taha also cautioned that users who transferred coins to exchanges did not necessarily sell all of their holdings.

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