- The positions’ liquidations on BitMEX amplified the volatility.
- At the time of writing, Bitcoin and major altcoins are locked in tight ranges.
Nearly $120 billion of both long and short positions were liquidated on the cryptocurrency derivatives exchange BitMEX, were liquidated in the recent 24 hours. The liquidations were triggered by sharp movements on the market and resulted in increased volatility. Notably, both bulls and bears were hit due to cascading margin calls on derivative instruments available on BitMEX.
At the time of writing, the balance is skewed to the upside, as $ 119,407,683 or 99% of the total were liquidated in longs and only $ 261,064 in shorts. However, shorts were initially hit heavily as BTC rallied from $9,500 to $10,400 in a matter of hours late on Monday.
Top-3 cryptocurrencies price updates
Bitcoin (BTC) settled at $9,500 after a sharp collapse from the recent high hit at $10,411 hit on June 1. The first digital coin has lost over 3.7% on a day-to-day basis and stayed unchanged since the beginning of Wednesday. The next major resistance comes at $9,300. On the intraday level, the support is created by SMA100 at $9,400, while the local resistance comes at $9,600 with 1-hour SMA200 located above this level.
Ethereum tested the low of $224.47 on Tuesday but managed to regain the ground and settled above $236.00. At the time of writing, ETH/USD is changing hands at $236.50. The second-largest digital asset has lost 4.3% on a day-to-day basis and stayed unchanged since the start of the day. The price needs to gain ground above $240.00 to improve the short-term technical picture and allow for the recovery to $250.00. The critical support is created by $220.00.
XRP/USD recovered from the recent low of $0.1970 and settled above the pivotal $0.2000. Further recovery depends on the bulls’ ability to take the price above $0.260. This resistance is created by a combination of 1-hour SMA50 and SMA100. If it is broken, XRP/USD may retest $0.2100.
Share
