(BTC) experienced an extraordinary series of liquidations that saw approximately $600 million worth of short positions 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 , shows a trading pattern reminiscent of the September/October 2020 period. Clemente hints at the possibility of this uptrend culminating in a significant price move 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 suspense, with the potential for either a continuation of this bullish trend or a sharp reversal if certain thresholds are reached.
Diving into the liquidation data, we observe a significant amount of capital being wiped out in the derivatives market. The numbers are staggering, with BTC and BTCEXY leading the way, showing liquidations of $36.23 million and $32.50 million, respectively, within a 24-hour frame. These numbers reflect the amount of losses the bears have had to take after the recent plunge.
The largest single liquidation order, as shown on OKX for BTC-USDT-SWAP, was valued at $1.96 million, illustrating the high stakes involved in .
Real-time liquidations are also raising eyebrows, with symbols such as ORDIUSDT and ETHUSDT being notable standouts. Large liquidations like the one we’ve seen are only a result of the uncontrolled use of leverage and margin trading, which is quite popular among novice traders and investors who are not familiar with the basics of risk management.
