Mind-Blowing Bitcoin (BTC) $600 Million of Shorts Destroyed as Price Hits $39,700

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U.Today – (BTC) witnessed an extraordinary liquidation series where approximately $600 million worth of short positions were liquidated in a single candle. This explosive price action pushed BTC’s price to a staggering $39,700, a move that left the cryptocurrency community both stunned and elated.

The chart, courtesy of , indicates a trading pattern reminiscent of the September/October 2020 period. Clemente hints at the possibility of this upward trend culminating in a significant price movement or “pop,” suggesting that the current momentum could be the precursor to a more pronounced price shift. The market appears to be in a state of tension, with the potential for either a continuation of this bullish trend or a sharp reversal if certain thresholds are met.

Diving into the liquidation data, we observe a substantial amount of capital wiped out in the derivatives market. The figures are staggering, with BTC and at the forefront, showing liquidations of $36.23 million and $32.50 million, respectively, within a 24-hour frame. These numbers reflect the amount of losses bears had to take after the most recent plunge.

The largest single liquidation order, as shown on OKX for BTC-USDT-SWAP, was valued at $1.96 million, exemplifying the high stakes involved in .

The real-time liquidations are also raising eyebrows, with symbols like ORDIUSDT and ETHUSDT being notable standouts. Large liquidations like the one we’ve seen are only a result of uncontrolled usage of leverage and margin trading, quite popular among beginner traders and investors who are not familiar with the basics of risk management.

This article was originally published on U.Today

Source: Investing.com