Traders who use leverage to bet on a recovery in the price of Bitcoin and cryptocurrencies are going bankrupt.
According to market data tracker CoinGlass, $704 million in leveraged crypto bets have been liquidated in the past 24 hours.
The vast majority hit traders go long, liquidating $556 million in long positions and liquidating $157 million in short positions.
Ethereum’s long liquidations led the way at $204 million, followed by Bitcoin’s long liquidations at $196 million.
The sentiment among crypto investors is once more in extreme fear, with veteran trader Peter Brand predicting a further decline in BTC to between $58,000 and $62,000.
Pseudonymous analyst Credible Crypto says he believes BTC is on the verge of breaking its bull market structure.
“Today the $74,000 limit has almost been reached, but so far it has not been exceeded. For now, we need to recover $81,000 to $85,000 to get out of the ‘danger zone’.”
As with $25,000 with a $24,800 void preceding the continuation to a new all-time high, I’m assuming the level will be defended until/unless it is actually breached…
For now, let’s see if we can recover 81-85,000 and go from there.”
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