Bitcoin is back near $68,800 after breaking below $70,000. If it climbs back above $70,000, how can you tell whether buyers are returning?
CoinGlass data cited by Incrypted on Nov. 13 put 24-hour crypto futures liquidations at $1.64 billion. About $1.46 billion came from long positions, or roughly nine out of every ten dollars liquidated. In PraQuant’s 4:20 p.m. IST snapshot, $BTC was near $68,800 and $ETH was still below $2,000.
That’s how a drop can feed on itself. As prices fall, exchanges can force traders out of leveraged bets on higher prices. Those forced sell orders can push prices down far enough to trigger the next round of liquidations. When that pressure eases, the price can bounce even while demand in the spot market is weak.
If Bitcoin gets back above $70,000, watch the first pullback. If it holds near that level and spot buying picks up as the price turns higher again, there’s a stronger case that buyers are back. If it slips straight below $70,000, the brief move above it tells you little about whether demand has improved.
#Bitcoin #CryptoLiquidations
CoinGlass data cited by Incrypted on Nov. 13 put 24-hour crypto futures liquidations at $1.64 billion. About $1.46 billion came from long positions, or roughly nine out of every ten dollars liquidated. In PraQuant’s 4:20 p.m. IST snapshot, $BTC was near $68,800 and $ETH was still below $2,000.
That’s how a drop can feed on itself. As prices fall, exchanges can force traders out of leveraged bets on higher prices. Those forced sell orders can push prices down far enough to trigger the next round of liquidations. When that pressure eases, the price can bounce even while demand in the spot market is weak.
If Bitcoin gets back above $70,000, watch the first pullback. If it holds near that level and spot buying picks up as the price turns higher again, there’s a stronger case that buyers are back. If it slips straight below $70,000, the brief move above it tells you little about whether demand has improved.
#Bitcoin #CryptoLiquidations
