The massive rally in the Bitcoin (BTC) price in the last two days has forced traders to reconsider their positions. Just as the BTC price surged by an additional $2000 in the last 48 hours, there has been a huge liquidation of Bitcoin’s long and short positions across the exchanges.
As per data by CryptoRank, over $500 Million of Bitcoin (BTC) Futures have been liquidated during the rally between $14,000 to ~$16,00.
The unprecedented bull run in Bitcoin price has left the trader confused as BTC has given massive breakout towards the north. At press time, BTC has been consolidating just above $15,500 as altcoins take the charge of the crypto market rally. The Bitcoin shorters have literally burned their fingers during the continuous BTC rally over the last month.
Crypto exchange BitMEX along has registered BTC shorts liquidations of over $318 million in the last 31 days. during the same period o October 202, the monthly Bitcoin Futures volumes across exchanges have also surged by 6%.
Post the elections day of November 3, the Bitcoin futures contracts traded on the CME Exchange have also skyrocketed. Between the first week and the last week of October 2020, the CME Exchange registered a 164% surge in the total Bitcoin Futures Contracts traded.
As per another interesting data offered by CryptoRank, the crypto fear and greed index has peaked to 90, the levels last seen during June 2019.
It means that the latest rally in the crypto market has successfully triggered the FOMO among investors. The crypto fear and greed index oscillates between 0-100 where 0 level represents “Extreme Fear” indicating a buying opportunity. On the other hand, the 100 levels indicate “Extreme Greed” indicating a selling opportunity and profit booking.
Thus, it is likely that we might see a possible profit booking in a short time. Moreover, as per some of the technical indications, Bitcoin is currently in the overbought zone. Thus, the BTC long position liquidations can happen anytime soon.
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