The Bitcoin (BTC) market has seen a lot of liquidations recently, and bullish traders have been hit the hardest. CoinGlass says that over $3 million worth of long positions were liquidated in just one hour, while short liquidations totaled just $51,000. This huge imbalance of 7,023% shows that the market is bearish.
The price of Bitcoin fell 0.6% over the same period, which contributed to the liquidation spree.This drop comes on the heels of a 3.7% drop since the beginning of the week, which is adding to the pain for bullish traders.
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Source: CoinGlass
As is often the case, those who were late to the game or did not manage their risk effectively ended up paying a heavy price. The major liquidations make us wonder if the market is just making a normal correction, or if this is the end of Bitcoin's recent rally.
BTC to USD by CoinMarketCap
One thing is for sure: despite the recent volatility, Bitcoin is still a big deal for investors and traders. The financial markets are still paying attention to this cryptocurrency, so it is likely to remain a volatile asset.
There are opportunities and risks for those willing to participate. While some may be less excited about recent liquidations, others may see this as a chance to buy Bitcoin at a potentially discounted price.
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It is important to note that leveraged trading carries significant risks, so traders should be careful and think about their risk tolerance before entering into such positions.
