$BTC Those two highly leveraged shorts were just squeezed by the rebound, with $21.6 million pushed into the liquidation queue.
Funny thing is, it’s not retail traders bailing out this time—the leveraged shorts are the ones who couldn’t hold on first. The price has only recovered to around 82,600, trading volume is 16.3 billion, the Fear & Greed Index is still in Greed territory at 59, and 31% of coins are up. Seems most people haven’t even caught on yet, while the shorts have already been carried out.
Looking at the chart, BTC is bouncing after a sharp drop. The moving averages haven’t fully turned around yet, but there’s a liquidation cushion below 82,600. If it were me, I’d open a small long position around 82,600, look for 85,000 as the first target, and admit I’m wrong and get out if it drops below 80,000. ETH is weaker, down a little over 2% to around 2,500. I’d leave it alone for now and wait for it to stabilize.
Some people will say $21.6 million is nothing and can’t move the market. But look back—doesn’t every short squeeze start with small-scale liquidations? Can you really argue otherwise?
Funny thing is, it’s not retail traders bailing out this time—the leveraged shorts are the ones who couldn’t hold on first. The price has only recovered to around 82,600, trading volume is 16.3 billion, the Fear & Greed Index is still in Greed territory at 59, and 31% of coins are up. Seems most people haven’t even caught on yet, while the shorts have already been carried out.
Looking at the chart, BTC is bouncing after a sharp drop. The moving averages haven’t fully turned around yet, but there’s a liquidation cushion below 82,600. If it were me, I’d open a small long position around 82,600, look for 85,000 as the first target, and admit I’m wrong and get out if it drops below 80,000. ETH is weaker, down a little over 2% to around 2,500. I’d leave it alone for now and wait for it to stabilize.
Some people will say $21.6 million is nothing and can’t move the market. But look back—doesn’t every short squeeze start with small-scale liquidations? Can you really argue otherwise?