U.Today – Over the past 24 hours, (BTC) has seen a huge disparity in liquidations between long and short positions in the perpetual futures market. According to CoinGlass, total settlements of derivatives of the leading cryptocurrency during this period exceeded $4.82 million.
Of particular interest is the uneven distribution of these liquidations, with 78% (or $3.76 million) coming from long positions. The collapse appears to be due to bullish investors attempting to capitalize on a potential price surge.
Just yesterday, Bitcoin showed promising price action, briefly topping $62,000 per BTC, fueling optimism about a possible march towards a new all-time high.
However, the market quickly changed direction. Instead of an immediate breakout, the cryptocurrency encountered a series of red candles. While this did not result in a significant price drop, it did result in a notable cascade of prolonged liquidations.
Bitcoin (BTC) Price Outlook
As bulls and bears played a tug-of-war over Bitcoin, the price of the leading cryptocurrency remained mostly stuck somewhere around the aforementioned $62,000 mark.
After finding a bottom at $60,700, BTC's performance has left traders somewhat in limbo as they see $53,000 and $66,000 as two main options for the near future and as we can see, the bulls are leading the charge as They have managed to take the hit. by his side by more than 3% so far.
Is another attempt at a new all-time high on the cards? Based on recent price developments, yes is the most likely answer. However, there is still a long way to go as the bulls would first have to defend the weekly close above $60,700, reach $66,000 per BTC and then perhaps hold there for another week.
This article was originally published on U.Today.
