The digital assets markets are witnessing massive liquidations as Bitcoin (BTC) leads crypto on a massive rally.
According to data from the crypto data aggregator Coinglass, over $480 million has been liquidated from the crypto markets in the last 24 hours.
Over the same period, BTC has risen 9.4%, trading at $33,913 at time of writing. The king crypto is up over 19% in the last week after reaching a new high for the year just above $35,400.
BTC’s explosive movements have forced several well-known traders to concede that their previously bearish outlooks on BTC have not panned out.
Crypto trader Nicholas Merten tells his 113,700 followers on the social media platform X that his call on Bitcoin this year was incorrect, though he’s still not sold on the idea that a full-blown bull market is underway.
“Having traded well over a decade, it’s difficult to admit it, but we got this one wrong on Bitcoin.
I’m still not convinced we’ve got the legs for a full-swing bull market, but I must share my respect to those who expected a break above $31,000 and stuck to their convictions.”
On his Telegram channel, pseudonymous trader Capo says his bearish stance that he’s held for over a year has been mostly invalidated, at least for now.
“This breakout is not good for the main bearish scenario. I didn’t expect the $31,000 resistance level to break that easily. After checking the market with a cool mind, price never broke $25,000 which was the main confirmation.
Now we are in a situation where price has to get back below $30,000 in order to confirm a deviation above that resistance, which would mean this has been a fakeout caused by ETF (exchange traded-fund) euphoria… However, until this happens, it’s no man’s land. It could actually go higher, but also it could deviate back below, restest the broken resistance as support.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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