Massive Liquidations Shake Crypto Markets as Bitcoin Rockets Upward
The digital asset markets are currently experiencing a surge, led by Bitcoin (BTC), which is making significant gains.
In the last 24 hours, data from Coinglass, a crypto data aggregator, shows that the cryptocurrency markets have seen over $480 million in liquidations.
During this same period, BTC has witnessed a 9.4% increase and is currently trading at $33,913. Over the past week, Bitcoin has soared by more than 19%, hitting a new yearly high just above $35,400.
ThBTC’s remarkable performance has prompted a sentiment change among prominent traders.
Popular crypto trader Nicholas Merten has acknowledged his earlier misjudgment of Bitcoin’s trajectory this year.
He remains cautiously uncertain about the prospects of a full-fledged bull market, stating, “It’s difficult to admit, but the call on Bitcoin this year was incorrect.” He also conveyed his respect for those who correctly predicted a break above $31,000.
READ MORE: Paul Tudor Jones Warns of Economic Precarity Amidst Geopolitical Turbulence
Another trader, known as Capo, who had maintained a bearish stance for over a year, has also altered his perspective. In light of recent developments, he observed, “The recent breakout defies the main bearish scenario I had in mind.”
He went on to analyze the market, explaining the need for prices to fall below $30,000 to confirm a deviation from the previous resistance level, emphasizing the current uncertainty.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
