The post Mind-Blowing Bitcoin (BTC) $600 Million of Shorts Destroyed as Price Hits $39,700 appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Bitcoin (BTC) witnessed an extraordinary liquidation series where approximately $600 million worth of short positions were liquidated in a single candle. This explosive price action pushed BTC’s price to a staggering $39,700, a move that left the cryptocurrency community both stunned and elated. The chart, courtesy of Will Clemente, indicates a trading pattern reminiscent of the September/October 2020 period. Clemente hints at the possibility of this upward trend culminating in a significant price movement or “pop,” suggesting that the current momentum could be the precursor to a more pronounced price shift. The market appears to be in a state of tension, with the potential for either a continuation of this bullish trend or a sharp reversal if certain thresholds are met. ETH/USD Chart by TradingView Diving into the liquidation data, we observe a substantial amount of capital wiped out in the derivatives market. The figures are staggering, with BTC and ETH at the forefront, showing liquidations of $36.23 million and $32.50 million, respectively, within a 24-hour frame. These numbers reflect the amount of losses bears had to take after the most recent plunge. The largest single liquidation order, as shown on OKX for BTC-USDT-SWAP, was valued at $1.96 million, exemplifying the high stakes involved in cryptocurrency trading. The real-time liquidations are also raising eyebrows, with symbols like…

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Filed under: News - @ December 3, 2023 10:00 am