Traders’ Bullish Long Positions Liquidated as Bitcoin Struggles
CoinGlass data reveals that in the last 24 hours, $116.38 million worth of futures bets were liquidated, with $85.68 million in bullish long positions. Traders are facing difficulties as bitcoin fails to gain traction above $30,000.
- The majority of the liquidated positions were bullish long positions, totaling $85.68 million.
- Many liquidated traders held high-leveraged positions in the $30,200 to $30,500 range.
- Futures trading allows traders to take large positions with leverage, exposing them to liquidations due to margin shortages.
- The use of leverage in the market has been increasing, leading to wild price swings.
- Bitcoin’s current spot-ETF filings by BlackRock and others have revived bullish sentiment in the market.
Bitcoin is currently trading at $30,080, indicating the ongoing struggle in gaining momentum.
Your Hot Take
As a crypto reader, it’s important to stay updated on the market trends and be cautious when trading with leverage. The recent liquidations of bullish long positions highlight the challenges faced by traders as bitcoin struggles to surpass $30,000. The use of leverage can lead to significant losses, so it’s crucial to carefully manage risk and stay informed about market developments. With the revived bullish sentiment due to spot-ETF filings, it will be interesting to see how the market evolves in the coming days.
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