The bears were once again shocked as Bitcoin hit another major milestone, $9000. After ranging between $8650-$8850 for most of this week, a $250 pump led price to a new 12-month high of $9105. This was met by the bears finally waking up, and driving price all the way down to $8600.
This $500 swing is something any newcomers to the market may not have previously seen, however Crypto veterans would have seen this before. The latest example of crypto market manipulation would have stunned any traders who had over leveraged, resulting in many positions being liquidated.
Bitmex posted $28.5m worth of shorts were liquidated, and $29.5m longs. Another cruel lesson in the world of crypto day-trading. Whilst quick money can be made if a high-leveraged trade works in your favour, traders can lose money just as quickly, if not even quicker. The daily candle closure, and price action for the remaining days of the week will be intriguing in the next chapter of the Bitcoin bears vs bulls.
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