CandleFocus Bitcoin Rockets 354% in 24 Hours in Epic Liquidation Imbalance
2024-10-06
Author: Content Editor
Bitcoin (BTC) has seen a significant amount of liquidations in the perpetual futures market, with $4.82 million being liquidated in the past 24 hours. Long positions make up 78% of these liquidations, suggesting bullish investors trying to capitalize on a potential price increase. Despite briefly surpassing $62,000, Bitcoin's price encountered resistance and resulted in a cascade of long liquidations. Traders are now uncertain about the near future, eyeing $53,000 and $66,000 as potential options. However, based on recent price action, another attempt at a new all-time high may be likely, though bulls would need to defend the weekly close above $60,700.
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