Bitcoin price climbing at $ 104k is liquid almost $ 400m in BTC bets, opening doors to achieve more
The Rapid price of Bitcoin caught the guards in the guard, who was able to spare large fluids of short bearish positions.
Top cryptocurrency by market value increased by more than 3% to $ 102,500 in the past 24 hours, with prices leading to $ 104,000 at one point, the highest since January 31. Bullish flows arrived as President Donald Trump announced a comprehensive trade deal in the UK and the combined spots on the spot-traded-traded-traded funds hits a record of a high $ 40 billion.
The broader market also rallied, along with the total market cap of all coins excluding BTC which dropped 10% to $ 1.14 trillion, the highest since March 6, according to Data Source TradingView.
That led to the major prevention of short bearish positions, or leveraged plays aimed at profiling from price losses. A position is liquid or forced to be closed when the account of the entrepreneur’s account drops under the required level of margin, often due to bad price movements. This leads to the exchange to close the position to automatically prevent further losses.
Nearly $ 400 million in short BTC positions has been liquid in the past 24 hours-possessing the highest single day total from at least November, according to coinglass. Meanwhile, $ 22 million in the long position was also eliminated.
This significant imbalance indicates that the seizure is heavily tilted toward the bearish side, and the rapid destruction of the shorts suggests that there may be more reversible potential for the market ahead.
