everyone thinks $BTC holding above 87k meant the worst was over but actually it just loaded the next round of long liquidations.
traders keep getting wrecked chasing these moves. you buy the squeeze then get liquidated on the dump two days later.
bitcoin just dropped below 84k and that triggered roughly 230m in liquidations in a single hour. 223m of those were longs. $BTC and $ETH accounted for more than half of the wipeout.
monday's rally above 87k already liquidated hundreds of millions in shorts. wednesday's reversal is now doing the exact same thing to the other side. ngl ser this is a clean case study in how leveraged markets hunt both ways in the same week.
on top of the technicals, renewed uncertainty around us-iran negotiations is putting extra pressure on risk sentiment. if you were max long after monday you just got a very expensive lesson.
where do you think this goes from here after both sides got flushed?
#Bitcoin #Crypto #Liquidations
traders keep getting wrecked chasing these moves. you buy the squeeze then get liquidated on the dump two days later.
bitcoin just dropped below 84k and that triggered roughly 230m in liquidations in a single hour. 223m of those were longs. $BTC and $ETH accounted for more than half of the wipeout.
monday's rally above 87k already liquidated hundreds of millions in shorts. wednesday's reversal is now doing the exact same thing to the other side. ngl ser this is a clean case study in how leveraged markets hunt both ways in the same week.
on top of the technicals, renewed uncertainty around us-iran negotiations is putting extra pressure on risk sentiment. if you were max long after monday you just got a very expensive lesson.
where do you think this goes from here after both sides got flushed?
#Bitcoin #Crypto #Liquidations
