U.Today – Over the past 24 hours, we have seen a significant difference in liquidations between long and short positions in the (BTC) perpetual futures market. According to CoinGlass, total liquidation of derivatives in major cryptocurrencies during this period exceeded $4.82 million.
Of particular note is that the distribution of these liquidations is uneven, with 78% ($3.76 million) coming from long positions. The sell-off appears to be the result of bullish investors looking to take advantage of potential price increases.
Just yesterday, Bitcoin showed promising price action, briefly surpassing $62,000 per Bitcoin, increasing optimism about its potential to hit new all-time highs.
However, the market quickly changed direction. Instead of breaking out immediately, the cryptocurrency encountered a series of red candlesticks. Although this did not lead to significant price declines, it did result in a noticeable chain of prolonged liquidations.
Bitcoin (BTC) price outlook
As bulls and bears engage in a tug-of-war over Bitcoin, the prices of the major cryptocurrencies have largely stuck around the aforementioned $62,000 level.
After finding a bottom at $60,700, BTC’s performance has left traders somewhat stuck, with them eyeing $53,000 and $66,000 as the two main options for the near term. And as you can see, the bulls have managed to resist the pull and stay in the lead. So far, we have a difference of more than 3%.
Is there a new challenge to breaking the all-time record? Based on recent price trends, the likely answer is “yes.” However, there is still a long way to go as the bulls will first need to defend the weekly close above $60,700 and reach $66,000 per BTC and possibly hold there for another week.
This article was originally published on U.Today
