The market $BTC just went through a notable series of Long position cleanouts at 19:35 on 04/09, when OI evaporated by 2.94% and price swung sharply by 1.80% in just 5 minutes. That was truly a "clean" sweep for the Short side, right? 😏 After that, smaller Long sweeps also appeared at 19:45 (-1.34% OI, -0.27% price), 20:55 (-1.01% OI, -0.46% price), and 04:40 (-0.85% OI, -0.59% price). In total, more than 6% of Long OI was "liquidated" in less than 24 hours.
Clearly, leveraged buyers are suffering heavy losses, forced to close positions and give liquidity back to sellers. This is not really active profit-taking, but rather systematic "account blowouts." These cold numbers show that selling pressure is present. 🤓
With four consecutive Long sweeps and declining OI, has the market really been "cleaned up" and is it ready for a new move? Or is there still "distressed inventory" waiting to be cleared out more thoroughly? 📐
Entering a trade now requires high discipline.
Clearly, leveraged buyers are suffering heavy losses, forced to close positions and give liquidity back to sellers. This is not really active profit-taking, but rather systematic "account blowouts." These cold numbers show that selling pressure is present. 🤓
With four consecutive Long sweeps and declining OI, has the market really been "cleaned up" and is it ready for a new move? Or is there still "distressed inventory" waiting to be cleared out more thoroughly? 📐
Entering a trade now requires high discipline.
