Bitcoin (BTC) passing $ 30,000 and reaching highs of nearly $ 31,000 has caused immense pain for traders betting on a bearish pullback.
BTC shorters are feeling the burn … again
Amid highly volatile circumstances, Bitcoin attempted to crack $ 30,000 several times on New Year’s Day and the night before finally clinching the psychologically significant level on Saturday.
The move was accompanied by a bullish attack that quickly took the largest cryptocurrency even higher, with press time levels attempting to crack $ 31,000.
While many were partying, some were far worse off than a few minutes earlier.
Liquidation Shortage on XBTUSD: Buy 10,000,000 @ 30864 ~ I am shocked, shocked to find out that gambling is done here!
– REKT (@BXRekt) January 2, 2021
“I am shocked, shocked to find out that gambling is done here!” a telling tweet from a bot tracking liquidated trades on derivatives giant BitMEX.
Figures suggest that shorters on BitMEX have only lost $ 10 million, a stark reminder of the dangers involved in re-guessing Bitcoin at crucial levels.
Dogecoin leads sudden altcoin gains
“The higher this impulse wave goes for #Bitcoin, the higher the next one will be. 2021 will be fire,” he says. tweeted as $ 30,000 hit.
Others in the top ten cryptocurrencies showed less volatile behavior, while nothing could be overridden XRP, still struggling amid legal troubles at major investor Ripple Labs.