$400 Million $BTC Shorts Liquidated, and $200 Million $ETH Shorts Liquidated In Last 24 Hours
Bears were in disbelieve as #bitcoin rallied above $28,000 for the first time in a while, leading to over $800 million in shorts being wiped out, including $400 million in BTC shorts.
This move started with an aggressive BTC spot buy that took out around 7% of open interest.
A little reminder that we are in October, fondly referred to as "Uptober" because the month of October has been Historically been the second best performing month for #crypto assets, behind November.
With a lot of FUD in the past months, as well as non stop doom posting, it was clear that the market was ripe for a short squeeze.
Is it time for anyone else to short the market after this rally? I don't think so. If more shorts piles up, then the run up might get wild.
Short squeezes needs fuel to keep going, and that fuel are over zealous or late shorts. It has started, and it won't end here.
Just plan your trade and trade the plan while applying risk management