BitMEX: Over $100 Million Bitcoin Shorts Contracts Liquidated As BTC Boosts Past $8,700

By Lujan Odera
Published April 29, 2020 Updated April 29, 2020
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BitMEX: Over $100 Million Bitcoin Shorts Contracts Liquidated As BTC Boosts Past $8,700

By Lujan Odera
Published April 29, 2020 Updated April 29, 2020
  • Over $100 million XBT contract liquidated in the past 24 hours on BitMEX as BTC spikes past $8,700.
  • Bitcoin shorts represent over 95% of the total liquidated volume on Wednesday.
  • Can Bitcoin bulls close up the CME Gap to $9,100?

In a dramatic day for Bitcoin (BTC), bulls pushed the price of BitMEX’s XBT futures past the $8,700, breaking key resistance levels at $8,400 and $8,600 along the way. As the price soared 10% in hours from sub-$8,000 levels, Bitcoin bears suffered huge losses on their bets with price continuing its journey to $9,000.

According to data on Datamish, a crypto trading data aggregator, BitMEX liquidated 322 short positions on its XBT contracts valued at $96.8 million USD over the past 24 hours. Notwithstanding, the intraday movements on BTC’s price on its road to $8,700 capitulated $5.1 million worth of XBT long contracts.

Over $100 million XBT contracts liquidated on Wednesday, Apr, 29 (Image: Datamish)

The bloody market saw three large short contracts of $6.8 million, $6.1 million and 4.8 million liquidated. The three represent the largest contracts liquidated over the past month on BitMEX.

Bitfinex, a crypto futures exchange, also saw a boost in bear liquidations as 342 short contracts were liquidated. This represents a total of 467.5 BTC liquidated on the platform. No longs were liquidated over the past 24 hours on the platform.

Bitcoin on a path to close the CME gap at $9,100?

The massive run on Apr. 29 may be linked to the CME gap at $9,100 as spot buyers aim to close in and make a quick profit. According to TradingView’s daily charts, BTCUSD touched an intraday high of $8,800, crossing past the SMA 100 line, signaling a bullish run in the offing.

Image: TradingView

However, the RSI oscillates at overbought levels at 77 signaling a possible pullback if bulls fail to maintain the $8,600 key resistance. A retest to this level may set the market back on trend to $9,000s.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Lujan Odera
396 Articles
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

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