Bitcoin shakeout below $11,700 sees $94m longs liquidated on BitMex

27 Jun, 2019 | Updated: 27 Jun, 2019
by Ryan Boltman
Analysis
Bitcoin shakeout below $11,700 sees $94m longs liquidated on BitMex

Traders have had a tough few days longing and shorting Bitcoin as the volatility has seen liquidations galore.

Following Bitcoins recent correction from the yearly high of $13,940 down to its current price of $11,700 has seen a surge of liquidations on Bitmex, to the tune of $94 million. 

It appears some traders thought the parabolic move would see more upward price movement, however that was not to be the case. Bitcoin saw a $2,000 decline in price over the past 12 hours, seeing long positions drastically decline at the same time. 

At present, short trades still outnumber longs, with 29,300 long positions and 24,800 longs currently. The current price correction appears to be holding the mid-$11,000 levels and could either see a bounce here or more downward momentum.

BitMex is currently one of the most popular cryptocurrency exchanges that offer margin trading. The exchange recently set several new records in terms of volume, including $1B open interest on XBTUSD pair, $13B traded on XBTUSD, and $16B on all BitMEX products.

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Read more about: Bitcoin (BTC) Bitmex

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