Bitcoin Price Surge Liquidates $791M of Short Positions, More Liquidations Possible

IconCryptoNewsTerminal Staff04 Jul, 2024

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Bitcoin Price Surge Liquidates $791M of Short Positions, More Liquidations Possible

Bitcoin's recent bullish momentum has led to the liquidation of a significant amount of short positions, indicating a shift in market sentiment. Data from CoinGlass shows that approximately $791 million worth of short positions have been liquidated as Bitcoin climbed back above the $56,000 mark. This indicates that many traders who had bet against Bitcoin's price increase have been forced to close their positions at a loss. However, it's also important to note that if Bitcoin's price were to decline back down to the $50,000 level, an additional $489 million worth of long positions could be liquidated. This suggests that the market remains volatile, and further price swings could trigger additional liquidations on either side of the market.

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