Bitcoin has corrected to $54 600 on closing margin positions – Bits Media

After reaching the next maximum at the weekend, Bitcoin “lost height” and sank to $54 600 Due to liquidations more $2 billion in margins. On the followed rebound, BTC returned to $56 000.

By
data bybt, For the latter 24 margin positions were closed in the amount of about $2.2 billion. It means, that cryptocurrency exchanges eliminated the positions of traders with an excess credit shoulder. When the price of bitcoin becomes lower than the price of liquidation, trading platforms forcibly close them, since traders cannot fulfill the requirements for margin.

Over the past day, more than 195,000 traders have been closed. The largest closing fraction of the Binance exchange falls on (about $435 million), It is followed by Bybit ($328 million) и Huobi ($192 million). Correction began after a recent bitcoin attempt to break through $ 62,000.

CRYPTOQUANT CEO of the analytical company Ki Yong Ju (Ki Young Ju) considers, that the unsuccessful attempt of the first cryptocurrency to gain a foothold at the level $60 000 and the subsequent rollback is due to a zero or negative bonus on the Coinbase Exchange, which is the main indicator of demand among institutional investors. Positive spread means increased demand from institutional, since they prefer to trade through regulated sites, Using off -time cryptocurrency trading (OTC). Ju suggested, that Bitcoin will adhere to the "bear trend" until then, Until institutional investors again begin to pour significant capital on Coinbase.

According to cryptocurrency analyst Lark Davis (Lark davis), Whales, storing more at their addresses 1000 BTC, They began to withdraw cryptocurrency. However, this does not mean the end of the "bull race". Davis called this only a fixation of profit. Patrick Hoisser, head of the trading department of the Swiss company Crypto Finance AG (Patrick Heusser) also thinks, that this bitcoin rollback is quite normal. Breakthrough outside the $ 60,000 was caused by the actions of marginal traders. The bet on unlimited futures and the futures prize were excessively stretched, Hoisser said.

Lmax Digital strategist Joel Kruger (Joel Kruger) considers, that the media reports of criminal liability for the use of cryptocurrencies in India influenced to reduce the Bitcoin course. Expected, that in the short term, bitcoin can "sink" even more, If the yield of US bonds continues to grow, Since this destabilizes stock markets.

Nonetheless, CrossStower Analysts adhere to a more optimistic position. They suggest, that large organizations will maintain a bitcoin course above $50 000.