The Bitcoin futures market is facing a potential massive liquidation, with $179.70 million worth of Bitcoin at risk if the price rises to $61,498. This liquidation is significant as it represents a large portion of the open interest in the market. Leverage is a key factor in market volatility, and the liquidation event could lead to a wider market selloff and increased volatility in the crypto space. However, for long-term investors, the liquidation could present a buying opportunity, as it may result in lower prices. Traders should exercise caution, especially those using high levels of leverage.
Analyst Jamie Coutts Says Crypto Market Could Be in the Final Throes of a Bearish Phase – Here’s Why