- Overleveraged positions in the futures market made it harder for a BTC breakout.
- The reset and liquidation cascades are necessary for a long-term healthy uptrend.
Bitcoin [BTC] struggled to break out past the $100k level even though it poked its head above the psychological level multiple times within the past week.
A BTC correction to $94.2k was seen on Monday, the 9th of December. What could be in store for Bitcoin traders next?
Liquidations reach $1.7 billion
Source: Coinglass
In a single day, the total liquidations reached a whopping $1.7 billion for just the Bitcoin pairs. This was likely the result of an intense tug of war in the futures market. Overleveraged longs and shorts clustered around the $100k mark were wiped out.
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Author: Akashnath S
