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Liquidation of $ 550M Positions Sends Bitcoin to $ 18,000

  • The liquidation of over half a million longs in bitcoin pushed the price to $ 18,000.

  • Open interest in the futures market is declining

  • Bitcoin bulls’ main near-term target remains $ 20,000

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Overly optimistic bitcoin traders once again fell into a bear trap: over the last 24 hours, longs worth over $ 550 million were liquidated on the market

Bitcoin has come close to the key $ 20,000 mark, updating its all-time high at $ 19,950.

Liquidation of $ 550M Positions Sends Bitcoin to $ 18,000

However, there was no breakout: the price reversed and in a matter of hours went down to $ 18,100.

81,000 injured bulls

The fall in price by nearly $ 1,600 threw more than 81,000 traders out of the market. According to bybt, a cryptocurrency data aggregator, the total volume of liquidated Bitcoin positions has exceeded 30,000 BTC. It’s about $ 550 million.

Liquidation of Bitcoin Positions | Source:

The move to new historical highs triggered a profit-taking that knocked heavily debt traders out of the market. Anyone who used high leverage positions to play bullish momentum was trapped in their own greed.

As part of this correction, about 81,500 traders were affected.

Liquidation of $ 550M Positions Sends Bitcoin to $ 18,000

Largest Liquidation Happened On Huobi Platform Where Trader Lost Over $ 6 Million.

Data from the analytical platform Coinalyze also indicate a significant reduction in the total volume of open positions in both cryptocurrency and dollar contracts..

Falling open interest in bitcoin | Source: Coinalyze and TradingView

A decrease in this volume indicates an outflow of funds from the futures market, and some weakening of the loss of profit syndrome (FOMO) among retail investors..

Cryptocurrency Markets Also Lost Over $ 1.9 On Thanksgiving Day billion due to the fall bitcoin by 11%. And the total market capitalization fell by more than $ 70 billion.

Falling prices are common in the BTC bull market

Historically, Bitcoin’s bullish trend has been accompanied by repeated deep drawdowns of 20-30%. Accordingly, this correction is consistent with the general trend.

Along with the rise in the exchange rate, the price expectations and forecasts for bitcoin are also growing. In November, the largest coin by market capitalization gained $ 6,600 and entered the overbought zone. Rapid growth increases the likelihood of a sharp correction, while traders believe that any hitch in the current bullish trend will provoke a fall in BTC in the support area of ​​$ 13,000 to $ 14,000.

Before the current rally, the multi-year resistance level for bitcoin was at $ 13,800.

Bitcoin advocates will look to institutional money inflows into space to support the current bull market.

Liquidation of $ 550 Million Positions Sends Bitcoin to $ 18,000

As previously reported by the BeInCrypto editors, Grayscale Investments recently replenished its bitcoin reserves with 7,300 BTC..


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