Futures Traders Lose over $160 Million in a Week as Bitcoin Rises

TradingBitcoin

By Miles

06 Dec 2023

1 min read

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Bitcoin surges to $44,000, causing $160M losses for short traders, amid strong demand and optimism for U.S. ETF approval and rate cuts.

Bitcoin's recent rise to $44,000 has cost short traders a large amount of money. Short traders are traders who bet against Bitcoin’s rise. In just two days they lost around $160 million, according to CoinGlass, possibly contributing to Bitcoin's strength.

Liquidation happens when a trader doesn't have sufficient funds to maintain a trade position, causing the exchange to forcefully close the trader's position. These liquidations often indicate key price turning points and these recent liquidations mostly affected traders on exchanges like Binance, OKX, and Huobi.

The anticipation of a U.S. spot ETF approval, expectations of U.S. rate cuts, and increasing adoption by bitcoin-friendly leaders in major economies are major factors influencing the recent growth in the price of Bitcoin

A significant $200 million BTC futures position was placed recently, showing high demand for Bitcoin. Analysts now expect Bitcoin prices to potentially reach $48,000, with Julius de Kempenaer of StockCharts predicting $48,000 as the next resistance and $38,000 as the nearest support level.

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