Bitcoin Bears Crushed: $100M In Crypto Shorts See Flush As BTC Breaks $63,000
15 Julho 2024 - 3:00PM
NEWSBTC
Data shows the cryptocurrency derivatives market has registered
significant liquidations after the Bitcoin rally above the $63,000
mark. Bitcoin Rally Has Resulted In Short Liquidations On
Derivatives Market According to data from CoinGlass, the latest
volatility in the cryptocurrency market has led to large
liquidations on the derivatives side. “Liquidation” here naturally
refers to the process that any open contract undergoes where its
platform forcibly closes it off after it has amassed losses of a
certain degree. Related Reading: Bitcoin Recovery Stalls As HODLers
Apply Selling Pressure The table below shows how the derivatives
liquidations have looked during the last 24 hours: It would appear
that the cryptocurrency derivatives market has registered total
liquidations of $126 million in the past day. Out of these, almost
$101 million of the contracts were short ones. This figure is
equivalent to more than 80% of the total, implying that these
investors betting on a bearish outcome for the market were the most
heavily affected by the latest volatility. This naturally makes
sense, as assets across the sector have seen green returns in this
window, led by Bitcoin’s rally. A mass liquidation event like this
latest one is popularly called a “squeeze“, and as shorts were the
side that contributed to a majority of these liquidations, the
squeeze would be known as a “short squeeze.” During a squeeze,
liquidations end up feeding further into the price move that caused
them, thus unleashing a cascade of further liquidations. As such,
the sharp price surge in the past day would in part be fueled by
the short squeeze. Related Reading: Bitcoin Crash Forced Weak Hands
Into Largest Loss-Taking Since 2022 Lows: Report As for the
breakdown of this latest squeeze for the various symbols, it would
seem like Bitcoin has come out on top like usual with around $45
million in liquidations. Ethereum (ETH) and Solana (SOL) have made
up the rest of the top three with $24 million and $8 million in
liquidations, respectively. Interestingly, while most of the sector
has seen the dominance of short liquidations, XRP (XRP) on fourth
has seen longs edge out instead. This may be down to the fact that
the coin has overall only moved sideways while the rest have
rallied. BTC Has Managed To Reclaim The $62,000 Support Level With
the latest rally, Bitcoin has been able to make some significant
recovery, with its price even briefly surging above the $63,000
level earlier in the day. The chart below shows what the coin’s
surge has looked like: According to data from the market
intelligence platform IntoTheBlock, Bitcoin is now floating above
the significant on-chain support level of $62,000. “While
resistance is strong above, enough bullish momentum can prevent
selling pressure,” notes the analytics firm. Featured image from
Dall-E, CoinGlass.com, IntoTheBlock.com, chart from TradingView.com
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