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A large number of short orders were liquidated on the cryptocurrency market, following the spike of the price of various cryptocurrencies, according to Coinglass.
While Bitcoin and other cryptocurrencies keep on moving up, more short orders are being liquidated. According to various market tracking bots, large short orders larger than $1 million are being liquidated. The largest liquidation volume was observed when BTC broke through the $41,000 resistance.
During yesterday's trading session, more than $250 million worth of short orders were liquidated. The highest liquidation volumes were observed on OKEx exchange and Binance. More than half of the liquidation volume falls on Bitcoin, with $130 million worth of orders cleared from the market.
Why is Bitcoin growing?
While there are no fundamental changes around the cryptocurrency market or the industry in general, the appearance of buying power could be purely technical since the first cryptocurrency has been in a downtrend for the last 100 days.
Such indicators as the Relative Strength Index even reached extremely low values below 25 at some point of the downtrend. Such a strong drop of the indicator could signal that the market is extremely oversold. The most recent drawdown to $34,559 could have potentially aggravated the market situation.
At press time, Bitcoin is trading at $43,306 with 15% growth in the last 24 hours.
Tomiwabold Olajide
Godfrey Benjamin
