The digital assets markets are witnessing massive liquidations as Bitcoin (BTC) leads crypto on a massive rally.
According to data from the crypto data aggregatorCoinglass, over $480 million has been liquidated from the crypto markets in the last 24 hours.
Over the same period, BTC has risen 9.4%, trading at $33,913 at time of writing. The king crypto is up over 19% in the last week after reaching a new high for the year just above $35,400.
BTC’s explosive movements have forced several well-known traders to concede that their previously bearish outlooks on BTC have not panned out.
Crypto trader Nicholas Mertentells his 113,700 followers on the social media platform X that his call on Bitcoin this year was incorrect, though he’s still not sold on the idea that a full-blown bull market is underway.
“Having traded well over a decade, it’s difficult to admit it, but we got this one wrong on Bitcoin.
I’m still not convinced we’ve got the legs for a full-swing bull market, but I must share my respect to those who expected a break above $31K and stuck to their convictions.”
On his Telegram channel, pseudonymous trader Capo says his bearish stance that he’s held for over a year has been mostly invalidated, at least for now.
“This breakout is not good for the main bearish scenario. I didn’t expect the $31k resistance level to break that easily. After checking the market with a cool mind, price never broke $25k which was the main confirmation.
Now we are in a situation where price has to get back below $30k in order to confirm a deviation above that resistance, which would mean this has been a fakeout caused by ETF euphoria… However, until this happens, it’s no man’s land. It could actually go higher, but also it could deviate back below, restest the broken resistance as support.”
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This article was originally reported on The Daily Hodl.