The Crypto Market Sees Massive Liquidations as Bitcoin Surges
The cryptocurrency market is experiencing significant liquidations as Bitcoin leads a massive rally. According to data from Coinglass, over $480 million has been liquidated from the crypto markets in the past 24 hours.
During the same period, Bitcoin has risen by 9.4%, currently trading at $33,913. In the last week alone, BTC has surged by over 19% after reaching a new yearly high above $35,400.
Traders Forced to Reevaluate Bearish Outlook on Bitcoin
The recent explosive movements of Bitcoin have forced well-known traders to reconsider their bearish outlook on BTC. Crypto trader Nicholas Merten admitted on Twitter that his prediction for Bitcoin this year was incorrect. However, he remains skeptical about the start of a full-blown bull market.
Similarly, pseudonymous trader Capo acknowledged that his bearish stance on Bitcoin has been mostly invalidated for now. He believes that the current breakout is not good for the main bearish scenario and that a retest of the broken resistance may occur.
Hot Take: Bitcoin’s Surge Invalidates Bearish Predictions
The recent surge in Bitcoin’s price has led to substantial liquidations in the crypto market. Traders who previously held bearish views on BTC have been forced to reassess their positions due to its explosive movements. While some traders remain cautious about declaring a full-blown bull market, they acknowledge that their previous predictions have not panned out as expected. As Bitcoin continues its rally and breaks through resistance levels, it remains to be seen whether this upward trend will be sustained or if a correction is imminent.
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