CandleFocus Crypto liquidations reach $650m; BTC, ETH enter the overbought zone
2024-11-11
Author: Content Editor
The crypto market is experiencing increased volatility, with liquidations reaching $650 million in the past day. Bitcoin and Ethereum have both entered the overbought zone. Most of the liquidations were long positions, suggesting a potential cooldown for the market. Bitcoin saw $122.1 million in liquidations due to its rally to a new all-time high. Ethereum had $91.2 million in liquidations as it started to decline from its three-month high. The majority of the liquidations occurred on Binance. The total crypto open interest increased by 1.13% and the global cryptocurrency market cap reached a three-year high. Both Bitcoin and Ethereum are in the overbought zone according to their Relative Strength Index. High volatility is expected before another major push in the market. The bull run is believed to have been triggered by institutional investors rather than retail investors. Some experts suggest that the futures market is overheated and could lead to a bearish outlook for 2025.
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