The digital asset markets are witnessing massive liquidations as Bitcoin (BTC) leads the crypto market on a massive rally.
According to data from the crypto data aggregator Mint glassMore than $480 million has been liquidated from the crypto markets in the past 24 hours.
Over the same period, BTC has risen 9.4% and was trading at $33,913 at the time of writing. The King crypto is up more than 19% in the past week after hitting a new high for the year just above $35,400.
BTC’s explosive moves have forced several well-known traders to admit that their previously bearish outlook on BTC has not materialized.
Crypto trader Nicholas Merten tells his 113,700 followers on the social media platform
“After over a decade of trading, it’s hard to admit it, but we were wrong about Bitcoin.
I’m still not convinced we have the legs for a full-swing bull market, but I have to share my respect for those who expected a break above $31,000 and stuck to their beliefs.”
On his Telegram channel, pseudonym trader Capo say his bearish stance that he has maintained for more than a year has been largely debunked, at least for now.
“This breakout is not good for the main bearish scenario. I did not expect the $31,000 resistance level to break so easily. After watching the market with a cool mind, the price never broke $25,000, which was the most important confirmation.
Now we are in a situation where the price needs to get back below $30,000 to confirm a deviation above that resistance, which would mean this has been a fake-out caused by ETF (Exchange Traded Fund) euphoria. But until this happens, it’s no man’s land. It could actually move higher, but it could also veer back down and use the broken resistance as support.”
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Generated image: Midjourney
Featured image: Shutterstock/Nikelser Kate