More than 1.27 billion dollars in crypto positions were liquidated in 24 hours, and longs took the hit. 💥
Yahoo Finance, citing CoinGlass, reports over 1.27 billion dollars in leveraged crypto positions were liquidated during Friday's selloff, including more than 1.1 billion dollars in bullish long positions. 📉 That tells me the flush was mostly overleveraged buyers getting wiped out, not fresh short selling, because when longs dominate liquidations this heavily, the market has just cleared out the weakest hands in one move. My reading is that this kind of washout can actually help the next bounce, because the leverage that was pressing price down is now gone, but only if spot buyers step in, and Friday's ETF numbers say they have not yet.
Does the 1.27 billion dollar flush mark the bottom, or is there another wave of longs to clear? 🤔
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#Crypto #Bitcoin #FuturesTrading #TradingSignals #CryptoNews
Yahoo Finance, citing CoinGlass, reports over 1.27 billion dollars in leveraged crypto positions were liquidated during Friday's selloff, including more than 1.1 billion dollars in bullish long positions. 📉 That tells me the flush was mostly overleveraged buyers getting wiped out, not fresh short selling, because when longs dominate liquidations this heavily, the market has just cleared out the weakest hands in one move. My reading is that this kind of washout can actually help the next bounce, because the leverage that was pressing price down is now gone, but only if spot buyers step in, and Friday's ETF numbers say they have not yet.
Does the 1.27 billion dollar flush mark the bottom, or is there another wave of longs to clear? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #CryptoNews
