Massive BTC Shorts Liquidation as Price Rebounds to $65,000

IconCryptoNewsTerminal Staff15 Jul, 2024

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Massive BTC Shorts Liquidation as Price Rebounds to $65,000

Traders betting against Bitcoin (BTC) faced a significant setback as the price of the leading cryptocurrency rebounded sharply. According to data from Coinglass, a staggering $732 million worth of short positions were liquidated as BTC rallied to $65,000. This liquidation cascade occurred as Bitcoin bounced back from a recent dip below $60,000. The move caught many traders off guard, as evidenced by the large number of liquidations. Short positions are bets that an asset's price will fall. When the price moves in the opposite direction, as it did with BTC, these positions are liquidated, resulting in losses for the traders. On the other hand, data shows that nearly $942 million worth of long positions would be liquidated if BTC drops to $61,000. This indicates that there is still some risk for traders who are betting on the bullish side. The recent price action highlights the volatility of the cryptocurrency market. Traders should exercise caution and manage their risk exposure accordingly.

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