Do you lose bitcoin bears? 31 million dollars have been eliminated in BTC’s liquidation
Bitcoin price cannot maintain the bullish momentum after its rise to the current price of $ 108,786 in January, which led to a collapse of about 74,000 dollars in the following months. However, it seems that the first cryptocurrency has returned to life.
Although the price of Bitcoin sits comfortably over the sill of the important numbers consisting of six numbers, an important question revolves around it-does the upscale round really go back? The recent analysis of the series indicates that the market leader may prepare to resume the bull.
Binance has been witnessing the largest liquidation of short pants since April
In a quick post on Cryptoquant, a chain retired analyst, Darkfost, open A large number of short situations have been opened on Binance, as Bitcoin fell from its current high price. According to Crypto Pundit, this part of the derivative market was a source of a large sale on the BTC price in the following months.
Darkfost continued to clarify that with the start of the BTC price, these short situations are expected – although they are slowly, become connected, and become pressure to buy the encrypted currency. This series of slow liquidation, however, rose on May 8 to the highest new level for one day since return to March.
According to Cryptoquant data, more than $ 31 million has been eliminated in short positions on Binance, the largest exchange in the world through trading. The graph below is an indication of the series that shows the amount of liquidation in US dollars-the “short dollar” score.
Moreover, Darkfost revealed that the relatively low level of financing rates is about 0.004. This trend indicates that there is abundance of short positions on the market, as well as the unwillingness of Binance merchants to move forward.
Darkfost concluded that more references or closure of these short situations can restore the bullish bitcoin trend of its momentum, making it easier to grow more the first cryptocurrency growth. The encryption analyst also mentioned the possibility to restore this potential to the upward power that can push the main cryptocurrency to break the highest previous price ever.
Bitcoin price at a glance
As of the writing of these lines, the BTC price is about 104335 dollars, which reflects an increase of more than 1 % in the past day. According to Coingecko data, the leading cryptocurrency has grown almost 9 % in the past seven days.
