Bitcoin played the shorters for all the fools as the price increase to $30,950 helped in liquidating a large number of very risky positions. BTC crossing $30,000 and thereby reaching highs of around $31,000 has led to a huge agony for traders who are betting on the bearish pullback. All the data from TradingView, Cryptometer, and Cointelegraph Markets confirmed that with the peaking of BTC/USD at around $30,960 on 2nd January, it liquidated shorts worth $100 million.
Bitcoin Shorters Are Again Feeling The Burn
In the middle of these volatile conditions, Bitcoin has attempted to crack $20,000 numerous times on NY’s Day and also overnight before they finally clinched on Saturday at the psychologically important level. This move was also accompanied by the bullish charge that son took this largest cryptocurrency higher with the levels of press-time constantly attempting to crack $31,000.With many people celebrating, some people had worse conditions just a few minutes previously.
One bot responsible for tracking all the liquidated trades on BitMEX, a derivatives giant summarized with a tweet on how shocking it is to discover gambling happening on bitcoin. Figures also suggest that the BitMEX shorters lost around $10 million which is a reminder of all the dangers that are involved while second-guessing shorts on BTC during crucial levels. Elsewhere the markets of altcoins are beginning to see some real changes.
Dogecoin(DOGE), one crucial amover managed to gain 42% on that day, while Ether(ETH) surged above $750. Michael Poppe, the Analyst, believes that the current month will initiate the beginning of a higher “alt season”. It was actually a characteristically bullish trend to follow. While it hit $30,000, he tweeted that if the impulse wave for Bitcoin goes higher, the next wave will be even higher. He said that 2021 will be on fire.
