Just after 2021, the cryptocurrency market saw one of the biggest liquidation events, wiping over $ 879 million from amplified positions, blasting short sellers. Market leaders Bitcoin and Ethereum initiated a vicious attack on bears, almost immediately changing the mood of the market. Bitcoin continued to rise for $ 104,000 after a $ 100,000 psychological barrier overcome oppositionTo.
This activity was completely wiped by traders who contributed to the rally and liquidated hundreds of millions of short positions. With a strong rising strength and RS, which is conveniently in the bullish territory, Bitcoin's price activity is clearly strong. Resistance just over $ 104,000 is still a short -term obstacle, while the support zone of about $ 93,000 now acts as a crucial floor, which could support additional upside down.
However, Ethereum was a real surprise. ETH, which is usually behind Bitcoin in these demonstrations, jumped almost 31%in less than 48 hours, breaking through multiple mothers and jumping over $ 2,300. Its sudden and powerful momentum hit many merchants as a guard. Without much hesitation, the property broke through 200 mothers, which usually shows long -term bullish reverse.
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The total number of Ethereum's $ 438 million was even $ 363 million on Bitcoin liquidation cards, which is a weird but interesting difference that emphasizes how undervalued the potential of ETH. One of the important dynamics that this historical liquidation event emphasizes is that in structural bullish markets, excessive leverage short positions become more vulnerable.
A total of 248,000 traders were liquidated in the last 24 hours, highlighting the extent of the damage. In the future, Bitcoin may consolidate more than $ 100,000 if this momentum continues and retail sales increases, while Ethereum can channel the march for $ 2,800 and higher. This may be the beginning of a wider market squeezing when the macroacles enter and the bears bleed.
