Tens of thousands of crypto traders had their positions liquidated as Bitcoin (BTC) and the digital asset market ignited a sudden explosion.
Data from derivatives trading analytics platform Coinglass reveals that on February 28th, $312.70 million worth of long and short positions were liquidated as Bitcoin abruptly rallied from a 24-hour low of $37,604 to a high of just over $44,000.
Traders who were betting on Bitcoin to fall received the brunt of the volatility as Coinglass shows that over $256 million worth of short trades were liquidated on the same day.
Traders who tried to long Bitcoin were also not spared by the wild price swings. Coinglass reveals that over $56 million worth of positions were liquidated on February 28th as well.
In total, 62,449 crypto traders were liquidated in the last 24 hours.
With Bitcoin now trading back above $40,000, closely followed crypto analyst Pentoshi is mapping out what’s in store for the leading cryptocurrency.
According to the crypto strategist, bulls are now in control, and he’s now looking for Bitcoin to continue rallying to the yearly open at $47,199.
“Adding some of the updates today in one spot. In my opinion, bears offsides at this point on BTC.
These structures are far more indicative of a bottom. Bears would have to push and close below $39,500 (moving invalidation up) to regain control.”
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