U.Today – Over the past 24 hours (BTC) has observed a huge divergence in liquidation between long and miniature positions in the perpetual futures market. According to CoinGlass, the total liquidation of derivatives on the major cryptocurrency during the period exceeded $4.82 million.
Of particular note is the uneven distribution of these liquidations, with 78% – or $3.76 million – coming from long positions. The collapse appears to be due to bullish investors trying to take advantage of a potential price rally.
Just yesterday, Bitcoin showed promising price action, briefly surpassing $62,000 per BTC, fueling optimism about a possible march to a modern all-time high.
However, the market quickly changed direction. Instead of an immediate breakout, the cryptocurrency encountered a series of red candlesticks. Although this did not result in a significant drop in prices, it did result in a clear cascade of long liquidations.
Bitcoin (BTC) Price Outlook.
While bulls and bears engaged in a tug-of-war over Bitcoin, the price of the main cryptocurrency stalled around the previously mentioned $62,000 figure.
After bottoming at $60,700, BTC’s performance has left traders somewhat in limbo as they see $53,000 and $66,000 as the two main options for the near future and as we can see, the bulls are leading the charge as they have managed to take control of their website by over 3% so far.
Is there another attempt to set a modern all-time record planned? Given recent price action, the more likely answer is yes. However, there is still a long way to go as the bulls would first need to defend a weekly close above $60,700, reach $66,000 per BTC, and then perhaps stay there for another week.
