Traders using leverage to bet on a Bitcoin and crypto price rebound are getting wrecked.
In the last 24 hours, $704 million in leveraged crypto bets have been liquidated, according to the market data tracker CoinGlass.
The vast majority hit traders going long, with $556 million in longs liquidated, and $157 million in shorts 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 in extreme fear, with seasoned trader Peter Brand predicting a further BTC decline to between $58,000 and $62,000.
The pseudonymous analyst Credible Crypto says he believes BTC remains on the verge of breaking its bull market structure.
“Very close to tagging $74,000 today but thus far it hasn’t been breached. For now, we need to reclaim $81,000 to $85,000 to get out of the ‘danger zone.’
Just like at $25,000 with $24,800 invalidation that preceded continuation to new all-time high, I will assume the level will be defended until/unless it is actually breached…
For now, let’s see if we can reclaim 81-85k and take it from there.”
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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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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