Choppy BTC volatility sees $54.9 million in shorts liquidated

08 Jul, 2019
by Ryan Boltman
Analysis
Choppy BTC volatility sees $54.9 million in shorts liquidated

Bitcoin saw a 5% price increase on Monday morning, leading to $54.9 million in short liquidations on BitMex

The recent $500 increase in BTC price on BitMex appears to have liquidated over $54.9 million in shorts. While the market has remained extremely volatile, long and short positions have been under threat with BTC seeing more movement over the course of the past few months than seen in 2018. 

Traders continue to bet their luck and skill on shorting Bitcoin and are continuously being bitten. The recent price surge which occurred on Monday morning 9:00 UTC saw Bitcoin jump roughly $300 leading to a slew of liquidations on the exchange.

XBT/USD chart provided by Tradingview

The resulting price jump will see short trader licking their wounds, with most of them expecting to see the price correct to below $11,000. Unfortunately BTC remains resilient and looks to be testing $12,000 resistance before any major correction

Following the earlier move that saw $44 million liquidated at 9:00 UTC, shorts had increased by 1,500 not before BTC saw another price surge to test $11,996 which saw a further $10.9 million in shorts liquidated. 

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Read more about: Bitmex Bitcoin (BTC)

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