Bitcoin Price Surges, Could Trigger Massive Liquidations
The Bitcoin price has been on a tear, reaching close to $66,000 on Tuesday. This surge has led to over $200 million in liquidations across the broader crypto market. Analysts believe that the BTC downtrend is over and investors are eyeing a major uptrend.
Bitcoin Short Liquidations
Data from Coinglass shows that over $65.2 million in Bitcoin derivatives positions have been liquidated in the past 24 hours. Of these, $34.8 million are in BTC short liquidations and $28.15 million in BTC long liquidations.
According to BTC heatmaps, if the Bitcoin price approaches $72,400 in the coming days, nearly $19 billion of BTC short liquidations are likely to happen.
Bitcoin’s New Cluster Zone
Popular crypto analyst Rekt Capital has noted that with the BTC price crossing $65,000, it has entered a new cluster zone. This could mean that BTC can continue its rally to the top of the cluster region of $65,000-$71,500, setting the stage for the next rally.
Mt. Gox FUD
The recent transfer of 13K BTC from the defunct crypto exchange Mt. Gox has caused some concern in the market. However, Cryptoquant CEO Ki Young Ju has downplayed fears surrounding the potential impact of Mt. Gox asset liquidations on the Bitcoin market. He argues that the market can handle the potential selling pressure.
**It is important to remember that the cryptocurrency market is volatile and investing in cryptocurrencies carries inherent risks.** Do your own research before making any investment decisions.
