The market just flipped from short squeeze to long squeeze
After a massive run this week, crypto had a sharp drop today. Roughly $108 billion in market value disappeared in about six minutes at one point.
Over $1.7 billion in positions got liquidated in 24 hours. This time the longs (people betting on higher prices) took most of the pain. Bitcoin briefly fell toward $76,500 and is now holding around $77,000. Ethereum and XRP also saw heavy forced selling.
In simple terms: the big forced buying from short covering is done. Now some over-leveraged long positions are getting cleaned out. This is normal after a fast 20%+ move, but it shows how fragile things still are with high leverage.
Key level to watch: Can Bitcoin stay above the mid-$70,000s, or do we get a deeper pullback?
$BTC $ETH
#bitcoin #CryptoMarket #Liquidations
After a massive run this week, crypto had a sharp drop today. Roughly $108 billion in market value disappeared in about six minutes at one point.
Over $1.7 billion in positions got liquidated in 24 hours. This time the longs (people betting on higher prices) took most of the pain. Bitcoin briefly fell toward $76,500 and is now holding around $77,000. Ethereum and XRP also saw heavy forced selling.
In simple terms: the big forced buying from short covering is done. Now some over-leveraged long positions are getting cleaned out. This is normal after a fast 20%+ move, but it shows how fragile things still are with high leverage.
Key level to watch: Can Bitcoin stay above the mid-$70,000s, or do we get a deeper pullback?
$BTC $ETH
#bitcoin #CryptoMarket #Liquidations