Summary
- It reported that Bitcoin (BTC) surged due to liquidations of a large number of short positions.
- According to CoinGlass data, it said that over the past 24 hours Bitcoin futures market saw short position liquidations totaling 3,191,800,000 dollars.
- It reported that on the day, due to a short squeeze, Bitcoin jumped nearly 2000 dollars in a short period.
On the day, the leading cryptocurrency Bitcoin (BTC) is surging. Analysis suggests the uptrend steepened as large short position (bear bets) liquidations occurred.
As of 10:02 a.m. on the 27th (Korea time), Bitcoin is trading at 114,844 dollars, up 2.76% from the previous day according to CoinMarketCap. Around 6 a.m. that day, Bitcoin was trading around 113,000 dollars, but it jumped by about 2000 dollars in roughly 30 minutes.
The steep rise is analyzed to be driven by a short squeeze (a phenomenon where large short positions are liquidated, applying upward pressure on the price). According to CoinGlass data, the liquidation volume in the Bitcoin futures market over the past 24 hours was 3,937,400,000 dollars, of which 3,191,800,000 dollars were liquidated from short positions.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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