Interestingly, however, during the same time period, the number of long liquidations, i.e., bullish buyers, amounted to only $1.1 million. Thus, we have an interesting situation where Bitcoin trading has created an 860% imbalance in liquidations – not in favor of bears.
The reasons for such a discrepancy, of course, should be sought on the price chart of the main cryptocurrency.
Of course, as a result of such a powerful not only technical, but also fundamental, move, bears’ short positions could not withstand it and were liquidated in a cascade. The funny thing is that it probably also helped the price of Bitcoin to rise so high in such a short period of time.
Now, the price of BTC has rolled back to levels below $70,000 per coin, and according to open interest data, no one is in a hurry to open new positions.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
