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.”
“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.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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