With Bitcoin’s rise... $110 million short positions liquidated in one hour
Summary
- It was reported that more than $110 million of short positions were liquidated in the past hour due to the rise in Bitcoin’s price.
- It was stated that across the entire cryptocurrency market, $330 million worth of short positions were liquidated in one day, recording the highest level in a month.
- Bitcoin is now analyzed as being balanced between structural support and weakening upward momentum following the clearing of excessive leverage.
Amid Bitcoin (BTC) price increases, over $100 million worth of short (sell) positions were liquidated in the past hour.
CoinDesk, citing CoinGlass data on the 9th (local time), reported, "Over $110 million of short positions were liquidated in just one hour due to Bitcoin’s rally," and added, "Across the entire cryptocurrency market, $330 million of short positions were liquidated in one day, marking the highest level in a month."
In this context, the global virtual asset exchange Bitfinex stated in a report that "the cryptocurrency market has formed a stable foundation for the next rise after Bitcoin approached $100,000." Bitfinex analyzed, "Over $1.9 billion was liquidated in the crypto derivatives market last week, which cleared excessive leverage," and added, "Currently, Bitcoin is balancing between structural support and weakening bullish momentum."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul