Nearly 120,000 crypto traders have had their positions as bitcoin wiped out in the last 24 hours (Bitcoin) begins a sudden rise above $20,000.
Data from derivatives trading analytics platform Coinglass reveals over $806.39 million in long and short positions were liquidated on Oct. 25, revealing the entire cryptocurrency market pulled off a sudden bitcoin-led rally. became.
Traders who had been betting on the crypto markets to sustain the downtrend were blindsided as they struggled with the uptrend. is showing.
Meanwhile, crypto traders who missed the rally also succumbed to the rebound in volatility. The analytics platform reveals that on October 25th he also took out his long position worth $101.39 million.
With Bitcoin trading above $20,000, closely followed crypto strategist Capo told his 561,900 Twitter followers that the recent rally was likely a massive bulltrap setup. I am warning you.
According to Kapo, he believes Bitcoin has ignited another rally and fully corrected to his target of $14,000 before it caught the bull market.
“The fact that this retracement is happening before taking the last high is a good sign. November 2nd (interest rates), and a bottom is likely around mid-November.”
Fellow crypto analyst Smart Contracter says King’s crypto needs to first eliminate its immediate resistance before an additional BTC rally can occur.
“And we’ve crossed $20,000. It’s nice to see that we’re outside that narrow range, but unfortunately we’re still in a much wider range.
I have $20,500 to clear now, which will likely be a challenge as well. “
At the time of writing, Bitcoin is trading at $20,117, up nearly 4% for the day.
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