Bitcoin (BTC<\/a>) has dealt significant pain to bulls in recent weeks, and now, fresh data shows just how much.<\/p>\n In a tweet on Jan. 10, on-chain analytics firm Glassnode revealed<\/a> that those longing BTC had suffered a rerun of last May, when BTC\/USD began to fall toward $30,000.<\/p>\n According to Glassnode\u2019s Longs Liquidations Dominance metric, the \u201cmajority\u201d of liquidations over the new year involved longs.<\/p>\n This is unsurprising, given Bitcoin\u2019s overall trajectory since late November, but the extent of losses puts the past few weeks on par with May in terms of longs vs. shorts.<\/p>\n \u201cBitcoin long liquidation dominance has hit 69%, the highest level since the May 2021 deleveraging event,\u201d researchers commented. <\/p>\n \u201cThis means that the majority of liquidations in futures markets over recent weeks were long traders attempting to catch the knife.\u201d<\/p><\/blockquote>\n Looking at the data, the period from late July through late November saw the opposite trend form, with shorters becoming victims of an unexpected bull run multiple times.<\/p>\n While long liquidation spikes do not always mark local price bottoms, the appetite for a turnaround on short timeframes has long been vocal. <\/p>\n Related:\u00a0\u2018Most bullish macro backdrop in 75 years\u2019 \u2014 5 things to watch in Bitcoin this week<\/a><\/em><\/strong><\/p>\n Bitcoin, as Cointelegraph reported<\/a>, is firmly \u201coversold\u201d by historical standards at current prices.<\/p>\n \u201cIf we bounce here, I\u2019m not convinced we won\u2019t revisit these prices, but some short-term relief would be nice,\u201d quant analyst Benjamin Cowen tweeted<\/a> Saturday as part of intraday observations.<\/p>\n \u201cDaily RSI is also technically oversold, $40k-$42k is theoretically a support area too.\u201d<\/p><\/blockquote>\n Cowen was commenting on the Crypto Fear & Greed Index<\/a>, which hit rare lows of just 10\/100 over the weekend, signifying \u201cextreme fear\u201d among market participants.<\/p>\n Since bottoming out in the depths of 2018 depression, $BTC<\/a> has only seen this oversold indicators only four times at 3k, 10k, 4k, and 30k. Not long after these records were achieved, #Bitcoin<\/a> rallied 340%, 17%, 1585%, 141% accordingly. Full details: https:\/\/t.co\/qtlKY9tQzS<\/a> pic.twitter.com\/oSpb3fTjKX<\/a><\/p>\n \u2014 CRYPTO\u20bfIRB (@crypto_birb) January 8, 2022<\/a><\/p><\/blockquote>\n Such occurrences tend to be followed by a price and sentiment recovery, but current lows are poignant, as the same price level one year ago was accompanied by the opposite phenomenon \u2014 93\/100 or \u201cextreme greed.\u201d<\/p>\n<\/div>\nLong traders fail to \u201ccatch the knife\u201d<\/h2>\n
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Unusual lows<\/h2>\n
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