Bitcoin

Million

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<a href="https://u.today/bitcoin-btc-price-path-to-40000-cleared-heres-what-might-further-aid-it" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) witnessed an extraordinary liquidation series where approximately $600 million worth of short positions were liquidated in a single candle. This explosive price action pushed BTC's price to a staggering $39,700, a move that left the cryptocurrency community both stunned and elated.
The chart, courtesy of <a href="https://twitter.com/WClementeIII/status/1731034474991734910" rel="noopener noreferrer nofollow">Will Clemente</a>, indicates a trading pattern reminiscent of the September/October 2020 period. Clemente hints at the possibility of this upward trend culminating in a significant price movement or "pop," suggesting that the current momentum could be the precursor to a more pronounced price shift. The market appears to be in a state of tension, with the potential for either a continuation of this bullish trend or a sharp reversal if certain thresholds are met. <img alt="ETHUSD" src="https://u.today/sites/default/files/inline-images/image_278.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">ETH/USD Chart by TradingView</a>
Diving into the liquidation data, we observe a substantial amount of capital wiped out in the derivatives market. The figures are staggering, with BTC and <a href="https://u.today/ethereum-eth-price-eyes-next-breakthrough-new-high-on-horizon" rel="noopener noreferrer nofollow">ETH</a> at the forefront, showing liquidations of $36.23 million and $32.50 million, respectively, within a 24-hour frame. These numbers reflect the amount of losses bears had to take after the most recent plunge.
The largest single liquidation order, as shown on OKX for BTC-USDT-SWAP, was valued at $1.96 million, exemplifying the high stakes involved in <a href="https://u.today/ethereum-eth-price-eyes-next-breakthrough-new-high-on-horizon" rel="noopener noreferrer nofollow">cryptocurrency trading</a>.
The real-time liquidations are also raising eyebrows, with symbols like ORDIUSDT and ETHUSDT being notable standouts. Large liquidations like the one we've seen are only a result of uncontrolled usage of leverage and margin trading, quite popular among beginner traders and investors who are not familiar with the basics of risk management.

Mind-Blowing Bitcoin (BTC) $600 Million of Shorts Destroyed as Price Hits $39,700

U.Today

Other articles published on Dec 3, 2023

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