{"id":629779,"date":"2024-07-15T18:00:14","date_gmt":"2024-07-15T18:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=629779"},"modified":"2024-07-15T13:37:38","modified_gmt":"2024-07-15T13:37:38","slug":"bitcoin-bears-100m-crypto-shorts-flush-btc-63000","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-bears-100m-crypto-shorts-flush-btc-63000\/","title":{"rendered":"Bitcoin Bears Crushed: $100M In Crypto Shorts See Flush As BTC Breaks $63,000"},"content":{"rendered":"

Data shows the cryptocurrency derivatives market has registered significant liquidations after the Bitcoin rally above the $63,000 mark.<\/p>\n

Bitcoin Rally Has Resulted In Short Liquidations On Derivatives Market<\/h2>\n

According to data from CoinGlass<\/a>, the latest volatility in the cryptocurrency market has led to large liquidations on the derivatives side. “Liquidation<\/a>” here naturally refers to the process that any open contract undergoes where its platform forcibly closes it off after it has amassed losses of a certain degree.<\/p>\n

Related Reading: Bitcoin Recovery Stalls As HODLers Apply Selling Pressure<\/a><\/div>\n

The table below shows how the derivatives liquidations have looked during the last 24 hours:<\/p>\n

\"Bitcoin
Looks like a large amount of liquidations have occurred during this window | Source: CoinGlass<\/a><\/figcaption><\/figure>\n

It would appear that the cryptocurrency derivatives market has registered total liquidations of $126 million in the past day. Out of these, almost $101 million of the contracts were short ones.<\/p>\n

This figure is equivalent to more than 80% of the total, implying that these investors betting on a bearish outcome for the market were the most heavily affected by the latest volatility. This naturally makes sense, as assets across the sector have seen green returns in this window, led by Bitcoin’s rally<\/a>.<\/p>\n

A mass liquidation event like this latest one is popularly called a “squeeze<\/a>“, and as shorts were the side that contributed to a majority of these liquidations, the squeeze would be known as a “short squeeze.”<\/p>\n

During a squeeze, liquidations end up feeding further into the price move that caused them, thus unleashing a cascade of further liquidations. As such, the sharp price surge in the past day would in part be fueled by the short squeeze.<\/p>\n

Related Reading: Bitcoin Crash Forced Weak Hands Into Largest Loss-Taking Since 2022 Lows: Report<\/a><\/div>\n

As for the breakdown of this latest squeeze for the various symbols, it would seem like Bitcoin has come out on top like usual with around $45 million in liquidations.<\/p>\n

\"Bitcoin
The distribution of past day’s liquidations by symbol | Source: CoinGlass<\/a><\/figcaption><\/figure>\n

Ethereum (ETH) and Solana (SOL) have made up the rest of the top three with $24 million and $8 million in liquidations, respectively. Interestingly, while most of the sector has seen the dominance of short liquidations, XRP (XRP) on fourth has seen longs edge out instead. This may be down to the fact that the coin has overall only moved sideways while the rest have rallied.<\/p>\n

BTC Has Managed To Reclaim The $62,000 Support Level<\/h2>\n

With the latest rally, Bitcoin has been able to make some significant recovery, with its price even briefly surging above the $63,000 level earlier in the day.<\/p>\n

The chart below shows what the coin’s surge has looked like:<\/p>\n

\"Bitcoin
The price of the coin appears to have gone up over the last few days | Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n

According to data from the market intelligence platform IntoTheBlock<\/a>, Bitcoin is now floating above the significant on-chain support level of $62,000. “While resistance is strong above, enough bullish momentum can prevent selling pressure,” notes the analytics firm.<\/p>\n

\"Bitcoin
How the different price ranges are looking like in terms of on-chain support and resistance | Source: IntoTheBlock on X<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, CoinGlass.com, IntoTheBlock.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Data shows the cryptocurrency derivatives market has registered significant liquidations after the Bitcoin rally above the $63,000 mark. Bitcoin Rally Has Resulted In Short Liquidations On Derivatives Market According to data from CoinGlass, the latest volatility in the cryptocurrency market has led to large liquidations on the derivatives side. “Liquidation” here naturally refers to the process that any open contract undergoes where its platform forcibly closes it off after it has amassed losses of a certain degree. Related Reading: Bitcoin Recovery Stalls As HODLers Apply Selling Pressure The table below shows how the derivatives liquidations have looked during the last 24 hours: It would appear that the cryptocurrency derivatives market has registered total liquidations of $126 million in the past day. Out of these, almost $101 million of the contracts were short ones. This figure is equivalent to more than 80% of the total, implying that these investors betting on a bearish outcome for the market were the most heavily affected by the latest volatility. This naturally makes sense, as assets across the sector have seen green returns in this window, led by Bitcoin’s rally. A mass liquidation event like this latest one is popularly called a “squeeze“, and as shorts were the side that contributed to a majority of these liquidations, the squeeze would be known as a “short squeeze.” During a squeeze, liquidations end up feeding further into the price move that caused them, thus unleashing a cascade of further liquidations. As such, the sharp price surge in the past day would in part be fueled by the short squeeze. Related Reading: Bitcoin Crash Forced Weak Hands Into Largest Loss-Taking Since 2022 Lows: Report As for the breakdown of this latest squeeze for the various symbols, it would seem like Bitcoin has come out on top like usual with around $45 million in liquidations. Ethereum (ETH) and Solana (SOL) have made up the rest of the top three with $24 million and $8 million in liquidations, respectively. Interestingly, while most of the sector has seen the dominance of short liquidations, XRP (XRP) on fourth has seen longs edge out instead. This may be down to the fact that the coin has overall only moved sideways while the rest have rallied. BTC Has Managed To Reclaim The $62,000 Support Level With the latest rally, Bitcoin has been able to make some significant recovery, with its price even briefly surging above the $63,000 level earlier in the day. The chart below shows what the coin’s surge has looked like: According to data from the market intelligence platform IntoTheBlock, Bitcoin is now floating above the significant on-chain support level of $62,000. “While resistance is strong above, enough bullish momentum can prevent selling pressure,” notes the analytics firm. Featured image from Dall-E, CoinGlass.com, IntoTheBlock.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":629806,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,27467,84332,6481,16082,1119,1144,85578,89653],"class_list":["post-629779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-bears","tag-bitcoin-liquidations","tag-bitcoin-rally","tag-bitcoin-shorts","tag-btc","tag-btcusd","tag-crypto-liquidations","tag-crypto-shorts"],"acf":[],"yoast_head":"\nBitcoin Bears Crushed: $100M In Crypto Shorts See Flush As BTC Breaks $63,000<\/title>\n<meta name=\"description\" content=\"Data shows the cryptocurrency derivatives market has registered significant liquidations after the Bitcoin price 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Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bears Crushed: $100M In Crypto Shorts See Flush As BTC Breaks $63,000","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-bears-100m-crypto-shorts-flush-btc-63000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-bears-100m-crypto-shorts-flush-btc-63000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/btc_b2ee3a.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/btc_b2ee3a.png?fit=1792%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bears","bitcoin liquidations","bitcoin rally","bitcoin shorts","btc","btcusd","crypto liquidations","crypto shorts"],"dateCreated":"2024-07-15T18:00:14Z","datePublished":"2024-07-15T18:00:14Z","dateModified":"2024-07-15T18:00:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bears Crushed: $100M In Crypto Shorts See Flush As BTC Breaks $63,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-bears-100m-crypto-shorts-flush-btc-63000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-bears-100m-crypto-shorts-flush-btc-63000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/btc_b2ee3a.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/btc_b2ee3a.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bears\",\"bitcoin liquidations\",\"bitcoin rally\",\"bitcoin shorts\",\"btc\",\"btcusd\",\"crypto liquidations\",\"crypto shorts\"],\"dateCreated\":\"2024-07-15T18:00:14Z\",\"datePublished\":\"2024-07-15T18:00:14Z\",\"dateModified\":\"2024-07-15T18:00:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/btc_b2ee3a.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/629779"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=629779"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/629779\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/629806"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=629779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=629779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=629779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}