CandleFocus

$118 Million in 24 Hours: Crypto Bears Getting Destroyed

Author: Content Editor
The cryptocurrency market has experienced $118 million in liquidations, primarily targeting bearish traders. Bitcoin and Ethereum were the most affected, with Bitcoin alone accounting for over $68 million in liquidations. The majority of liquidations, about 88%, came from short traders, indicating a significant shakeout of short positions and putting pressure on bears. Binance and HTX were the companies with the highest liquidations, particularly in short positions. This suggests strong bullish momentum in the market, catching bears off guard as Bitcoin's price surged above $64,000. Bitcoin has breached significant resistance at $62,000 and is approaching the psychological barrier of $64,500. Traders should be cautious as a pullback could occur if $64,500 is not decisively broken. Futures open interest has also decreased, indicating a liquidation of over-leveraged positions. This liquidation event is not unique, as other assets like SUI and SOL have undergone similar liquidations. The shakeout of short positions indicates a potential for a further bullish rally, and investors should monitor crucial resistance levels, particularly the $64,500 range for Bitcoin.

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