$115 million in short positions liquidated in an hour…crypto market spikes in the short term
Suehyeon Lee
Summary
- A short-term spike in the crypto market led to the liquidation of short positions worth about $115 million, it said.
- It added that the phenomenon is interpreted as a short-term short squeeze as rising prices forced short-sell positions to be liquidated.
- It also noted that large-scale short-position liquidations add to buying pressure, while Bitcoin is trading at $73,626.72, up 2.85% from the previous day.
Forecast Trend Report by Period
A short-term spike in the crypto (cryptocurrency) market triggered large-scale liquidations of short positions.
According to Watcher.Guru on the 16th (local time), roughly $115 million worth of crypto short positions were liquidated over the past hour.
This occurred as rising prices forced short-sell positions to be liquidated, which the market interprets as a short-term short squeeze.
Typically, when short-position liquidations occur on a large scale, liquidation orders add to buying pressure, tending to amplify the price increase.
Meanwhile, Bitcoin (BTC) briefly touched the $74,000 level and is now trading at $73,626.72, up 2.85% from the previous day, according to CoinMarketCap.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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