Traders using leverage to bet on a rebound in Bitcoin and crypto prices are getting destroyed.
Over the past 24 hours, $704 million in leveraged crypto bets were liquidated, according to market data tracker CoinGlass.
The vast majority hit long traders, with $556 million in long positions liquidated and $157 million in short positions liquidated.
Ethereum long liquidations led the way at $204 million, followed by Bitcoin long liquidations at $196 million.
Sentiment among crypto investors is once again extremely fearful, with veteran trader Peter Brand forecasting a further decline in BTC to between $58,000 and $62,000.
Pseudonymous analyst Credible Crypto says he believes BTC remains on the verge of breaking its bull market structure.
“We are very close to reaching $74,000 today, but so far this amount has not been exceeded. For now, we need to recover between $81,000 and $85,000 to get out of the ‘danger zone.’
Just like at $25,000 with a $24,800 invalidation that preceded the continuation to a new all-time high, I assume the level will be defended until/unless it is actually breached…
For now, let’s see if we can grab 81-85k and go from there.
Follow us on X, Facebook and Telegram
Don’t miss a thing – Subscribe to receive email alerts straight to your inbox
Check Price Action
Surf the daily Hodl mix
(adinserter block=”1″) (adinserter block=”5″)
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: SLAB-3
