The cryptocurrency market week began with a strong short squeeze, placing Bitcoin short positions on the wrong trackIn a stunning event, Bitcoin (BTC) regained its vitality earlier this week, shocking market participants with a staggering 3.8% increase
The cryptocurrency market week began with a strong short squeeze, placing Bitcoin short positions on the wrong track
In a stunning event, Bitcoin (BTC) regained its vitality earlier this week, shocking market participants with a staggering 3.8% increase. This rapid rise has had an impact on the cryptocurrency market, with the total clearing amount reaching a staggering $75.23 million in the past 24 hours alone.
A large number of short positions betting on a spiral decline found themselves in a loss state, as $36.89 million (94% of the total clearing amount) was a short position.
People who invest heavily in declining short positions find themselves in a state of loss, as $36.89 million of it accounts for 94% of the total liquidation amount.
This crazy wave of rising prices has accompanied Bitcoin prices soaring to $27980 per Bitcoin, like a huge thunder. It is worth emphasizing that this price surge not only offset the previous week's losses, but also triggered a series of unprecedented liquidation events.
The focus of this market shock event is on the world's largest cryptocurrency exchange, Bitcoin. Bitcoin futures prices have skyrocketed to a staggering $28168, surprising a series of market participants and leaving many pessimists behind.
Bearish pump?
The large-scale short squeeze has raised concerns among traders, who are questioning whether the Bitcoin liquidity obtained from these overly pessimistic and bold short positions is ready to continue to rise or to continue to decline.
At present, there is a question worth billions of dollars in the market: can Bitcoin continue to take advantage of the newly discovered momentum to rise, or will it only experience a brief respite before falling again?
As the cryptocurrency field prepares for future development, one thing is certain: Bitcoin has always had surprising and attractive potential, once again proving that the only constant in the digital currency field is unpredictability.
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