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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Latest Crypto Rally Kicks Off Day With Nearly $100 Million Liquidated Shorts

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
crypto bitcoin altcoin bitmex

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Created by industry experts and meticulously reviewed
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All across the crypto market, altcoins like XRP and XLM have been going on massive surges, and Bitcoin has once again reclaimed $8,500.

However, the latest crypto rally isn’t positive for every market participant, as the pump has liquidated over $95 million in shorts on BitMEX today alone, and over the last month has amounted to nearly $490 million worth throughout the course of April 2020.

Over $95 Million Worth of Bitcoin Positions Liquidated Today Alone, $490 Million For the Month

The crypto market is on fire, now that Bitcoin has broken through nearly every overhead resistance it had between it and $10,000.

The leading crypto asset by market cap found itself retesting bear market lows surprisingly, as it was caught up in the Black Thursday selloff fueled by the coronavirus.

Related Reading | Sell Bitcoin in May and Go Away? Ominous June Event Could Cause Crash 

It fell to under $4,000, then rapidly found its way back at over $8,500, where the asset is currently trading at.

bitmex bitcoin short liquidations

On its way up to current levels, overleveraged traders using margin on the crypto trading platform BitMEX, have been liquidated left and right. Both shorts and longs suffered, but as of today, shorts took an exceptional beating, with over $95 million in short liquidations today alone.

The number pushed the grand total for the month to nearly $490 million. And with a day to go, the number could continue to balloon to $500 million if Bitcoin continues to pump.

bitmex bitcoin short liquidations

Why Crypto Traders Shouldn’t Try to Short The Top of the Current Rally

As if the numbers alone didn’t prove that shorting the top of a crypto rally was dangerous enough, there are additional factors that make doing so an especially risky move.

Shorting the top in crypto is the opposite of “knife-catching” the bottom, just in inverse. There are enormous profits to be made by doing this, but it can also lead to substantial losses as these traders have learned the hard way.

When Bitcoin is especially bullish, short positions are used as fuel to “short squeeze” and cause Bitcoin price to trend higher and higher. This carries the entire crypto market higher.

Related Reading | Altcoins Could Get Crushed By BTC Halving Volatility, Here’s Why

This is exactly what caused the epic rise in mid-2019 that took Bitcoin to over $13,000.

Adding fuel to the fire is the market is currently overly bearish due to the continued coronavirus fears. This could be causing more shorts to stack up, further setting up the perfect storm for a short squeeze.

Past recessions have shown that the market rebounds and stays positive for longer than most would expect. This time is likely no different.

Bitcoin’s halving also provides more bullish momentum that could keep the short liquidations coming until crypto traders finally give up and start to hold on for dear life instead.

Featured image from Pixabay

 

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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