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Analysts Expect Bear Storm to Follow Recent Crypto Rally If Price Rally Is Not Sustained As Liquidations Hit 15-Month High
Despite soaring prices, the cryptocurrency market may be poised for another bear storm, a 15-month high, as short liquidation data from the futures market shows. CryptoQuant On-Chain Analyst.
Highest level short-term liquidation in 15 months
To @JA_Maartuncheck https://t.co/mudU0XX7Qn
CryptoQuant.com (@cryptoquant_com) October 26, 2022
JA Maartunn told crypto market intelligence platform QuickTake that the latest liquidation data suggests the bulls are cutting work for them if the latest crypto rally holds up. said.
He pointed out that short crypto positions started rolling over around the time the US stock market opened. In total, nearly $320 million worth of short sales have been recorded, making this a significant trading day.
For this reason, it is very important that the bulls have enough strength to sustain the Bitcoin (BTC) price above $20,000 and turn the price level into support, he added. This is especially true as the monthly financial close is approaching.
The main question now is whether the bulls have enough strength to sustain the price level above $20,000 and turn it into support, said analysts.
Crypto market prices continue to rise even though analysts expect a bear storm if the current rally is not sustained. reached uppercase Over $1 trillion.
In addition to BTC, Ether (ETH) is also rising, contributing to a large short liquidation.ethereum sharply increased As previously reported by U.Today, it hit an intraday high of $1,512 after opening more than $105 million in short positions.
