Bitcoin surpassed $ 11000, a leveraged position of half a billion dollars wasted. What does it mean? Will the biggest crypto asset continue to rise?
Bitcoin surpasses $ 11000 – Half a billion dollars wasted!
Bitcoin has had tremendous momentum in the past few days. For the first time since the peak of 2019, Bitcoin saw $ 11,000 and peaked in 2020!
The huge upward price movement made a peak of $ 11,300 for the biggest cryptocurrency yesterday. After Bitcoin broke $ 11000, it pulled into the $ 10,900 region and started to consolidate.
Bitcoin, which has risen more than 6% in the last 24 hours, is trading at $ 10,800 as we prepare our article for publication.
In fact, many market commentators have been waiting for this latest price action. However, the data show that they do not expect the asset to move so fast. Because the position of many Bitcoin investors has been liquid.
The data show that more than $ 500 million of Bitcoin leveraged positions are liquid in the past 24 hours. Among these liquidated positions were both long and short orders.
Bitcoin rises to $ 500 million as it rises
Binance: 126 million
Bitmex: 124 million
Huobi: 102 million
OKEx: 95 million
Bybit: 52 million
Deribit: 13 million
At the same time, another trader noted that the Bitcoin short position of about $ 740 million was liquidated for about two days. This figure includes long positions of $ 210 million, which are liquid due to the rapid withdrawal experienced with excessive volatility in the market.
An analyst said that Bitcoin may not increase further due to the high funding rates on all futures platforms.
Meanwhile, a popular trader recently shared the image below BTC’s macro price performance with a weekly relative strength index. The analyst suggests that Bitcoin could enter a large bull market: