Bitcoin’s pullback toward $77,000 has triggered a sharp leverage flush across the crypto market.
More than $529 million in positions were liquidated within an hour, with about $478 million coming from long positions as traders betting on further upside were forced out.
This comes after Bitcoin climbed from around $64,500 to nearly $80,000 in just a few days, making the market heavily exposed to leveraged longs.
$BTC is still trading well above last week’s levels, while spot Bitcoin ETFs recorded strong inflows, including $606 million on August 20.
The liquidation wave looks more like a leverage reset after a rapid rally, with the $77,000 area now becoming an important level for traders to watch.
#Bitcoin Price Prediction: What is Bitcoins next move?#
More than $529 million in positions were liquidated within an hour, with about $478 million coming from long positions as traders betting on further upside were forced out.
This comes after Bitcoin climbed from around $64,500 to nearly $80,000 in just a few days, making the market heavily exposed to leveraged longs.
$BTC is still trading well above last week’s levels, while spot Bitcoin ETFs recorded strong inflows, including $606 million on August 20.
The liquidation wave looks more like a leverage reset after a rapid rally, with the $77,000 area now becoming an important level for traders to watch.
#Bitcoin Price Prediction: What is Bitcoins next move?#