On the morning of 07/10, $BTC cleared out quite a few Long positions. ๐ค At 09:05, OI fell by -1.14% while the price jolted down -0.67%โclear evidence that Longs had been liquidated. Just 5 minutes earlier, at 09:00, a similar move, with OI down -1.11% and price down -0.79%, also targeted Longs. ๐ Overall, the market is showing signs of capitulation among highly leveraged long positions.
These sudden OI drops, accompanied by sharp price candles, suggest that Long positions were forcibly closed rather than voluntarily taken off for profit. Some liquidity has been cleared out, but that doesn't mean the liquidation wave is over. ๐ Other potential liquidation zones may still be waiting to be triggered.
Given this data, using high leverage in the current choppy price range carries significant risk. It may be better to wait for the market to establish a clearer directionโor at least for a confirming candleโbefore entering a trade. ๐งฎ Don't become the next victim of a liquidation sweep.
What do you think $BTC will do next? Has the market been "cleaned out" enough to turn around? ๐
#Write2Earn #MarketUpdate #BinanceFutures
These sudden OI drops, accompanied by sharp price candles, suggest that Long positions were forcibly closed rather than voluntarily taken off for profit. Some liquidity has been cleared out, but that doesn't mean the liquidation wave is over. ๐ Other potential liquidation zones may still be waiting to be triggered.
Given this data, using high leverage in the current choppy price range carries significant risk. It may be better to wait for the market to establish a clearer directionโor at least for a confirming candleโbefore entering a trade. ๐งฎ Don't become the next victim of a liquidation sweep.
What do you think $BTC will do next? Has the market been "cleaned out" enough to turn around? ๐
#Write2Earn #MarketUpdate #BinanceFutures