Over the
last month, Bitcoin has experiencing a dip below $30,000 benchmark, prompting skepticism
which caused a wave of short positions against the digital currency.
However, within
the past 24 hours, Bitcoin’s price snowballed, surpassing the $30,000 threshold.
Contemporarily,
it is undergoing a correction.
Traders,
who had positioned themselves for upward movement, took advantage of the rise, which
orchestrated profit-taking.
The
influential role of whales in the crypto landscape came to the forefront as remarkable
long positions were initiated at the $29,000 level.
The
strategic move highlights the whales’ prediction of possible price gains and dramatized
their impact on market sentiment.
As Bitcoin
showed an unexpected reinvigoration, short sellers found themselves in a
challenging predicament.
Within 24
hours, the crypto market has witnessed a staggering $27 million worth of short
positions being liquidated.
Furthermore,
within the same 24-hour window, a significant surge in open interest, amounting
to $616 million, unfolded.
This surge
in open interest can amplify market volatility as well.
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