Bitcoin (BTC) The rally in the price actually caused a great surprise in the crypto markets and caused a large amount of positions to be liquidated from the markets.
According to the data of Coinglass, the platform that performs derivatives analysis, on February 28, long and short positions worth 312.7 million dollars were liquidated as a result of Bitcoin’s rally, which started from the 24-hour low of $ 37,604, and quickly rose above $ 44,000.
With Coinglass finding that over $256 million of shorts were liquidated on the same day, traders who bet that Bitcoin would drop seem to have been hit hard by the volatility.
Traders who open long positions in Bitcoin may not have been affected by the strong price fluctuation. coinglassOn February 28, it found that over $56 million of positions were liquidated.
A total of 62,449 crypto traders were liquidated in the last 24 hours.
bitcoin price now trading above $40,000, closely followed crypto analyst Pentoshi shared his views on what awaits the leading cryptocurrency.
According to the crypto strategist, the bulls are now in control and now want Bitcoin to continue its annual open at $47,199.
“These types of structures actually offer much more indicators for bottoms. The bears need a daily close below the $39,500 level to take control.”
