Bitcoin’s recent price rise has been quite noticeable. From a level as low as $53,000 in early Wednesday, it rose to above $66,000 before falling back down to the current $64,433 price.
The bullish performance of the market has led to the loss of 50 436 traders. crypto market today. According to data Coinglass shows that this group of traders is experiencing massive liquidations. Their current total has reached $145.58 Million.
Bitcoin traders were hit the hardest by this liquidation. Approximately $46.22m was split evenly between long and short positions. This shows the volatile trajectory of the asset in just the last day.
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Bitcoin: Bigger Liquidations Incoming
Further data indicates that the situation could become much worse. billions Bitcoin could reach a new high if it continues to climb towards records.
Especially, reported MartyParty is a crypto enthusiast who has a lot of influence in the community. If Bitcoin hits $72,400 the market will feel it. Nearly $19 billion worth of Bitcoin short positions are ready to be liquidated at that price.
Marty Party, citing Coinglass data, reported on this Elon Musk social media platform X. The crypto enthusiast concluded this disclosure by noting: “Never bet against technology.”
When can this liquidation be expected to occur?
BTC may not need to wait that long for the price of $72,400, which is a significant increase from its current price. get to this markGiven the fundamentals of today, it is important to consider what will happen in the future. The market may be more attracted to the mark if it is the source of liquidity that fuels its current trend.
No bears were seen in the area. in sight The asset rally will be slowed down in the near future. The German government sold all its BTC assets, which totaled 49,858 BTC, with an account balance of less than $500. data Arkham Intelligence
Note that the balance of $427 in BTC comes from the accumulation of sats. These are small BTC units donated to different wallets. In addition, recent research suggests that the number of wallets has increased. data CryptoQuant distributed to creditors 36% Mt. Gox BTC was distributed among creditors.
BTC has not yet seen any price increase despite the distribution. notable correctionThis suggests two things. First, that there are no creditors selling. Second, even if the creditors do sell, they will be absorbed quickly by the Bitcoin markets as the price of BTC has barely stabilized.
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This major selling by both the German Government and Mt. Gox was once considered a major threat to the crypto-market, but now seems to be having a minimal impact. This indicates that there are no bearish obstacles that prevent Bitcoin’s surge to $72,400, causing a short squeeze.
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Source: www.newsbtc.com