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Bitcoin bears feel the heat as BTC looks all set to hit $60k

Press Releases Crypto News AMB-Crypto Bitcoin bears feel the heat as BTC looks all set to hit $60k

Recent Bitcoin surge leads to $285 million in liquidations, affecting short orders.
Put-to-call ratio declines and implied volatility declines.

Bitcoin [BTC] recently broke free from its stagnant state around the $51,000 range, experiencing a significant surge that left both investors and bears grappling with the aftermath.

Liquidations on the rise

According to AMBCrypto’s analysis of Coinglass’ data, in the past 24 hours, the surge prompted $285 million in liquidations, with short orders taking a substantial hit at $211 million.

A staggering total of 74,800 individuals faced liquidation, with the largest single order, worth $4.81 million, occurring on Binance for BTCUSDT.

On one hand, the liquidation of short orders could contribute to upward pressure on Bitcoin’s price, potentially creating a more favorable environment for long positions.

Conversely, the sheer volume of liquidations reflects a market shakeup, indicating potential volatility and uncertainty in the short term.

Source: Coinglass

Looking at trader behavior

Additionally, Bitcoin’s put-to-call ratio witnessed a decline during this period. This shift implies a decrease in bearish sentiment, as the ratio signifies the proportion of bearish (put) options to bullish (call) options.

A lower put-to-call ratio suggests a more optimistic market sentiment, potentially contributing to the positive momentum of Bitcoin’s price.

Additionally, Bitcoin’s Implied Volatility, a measure of market expectations for future price fluctuations, also experienced a decrease. While a decline in volatility can signal a more stable market, it may also indicate reduced speculative interest.

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Author: Himalay Patel

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