The sentiment of investors improved today as the assets started to skyrocket, eliminating the shorts.
The bearish outlook still appears for the short term, at the time of the Israel-Iran war conflict and other macroeconomic events. After a major disturbance in the crypto price witnessed on June 13, the market is showing some signs of recovery today. However, not every asset is having gains; some, such as DOGE, HYPE, and others, are rising. The liquidation still remains, leading to taking out over $202 million on June 14. Also, it can be a sign for the next rally for cryptocurrencies such as Bitcoin. Comparing it to yesterday’s liquidation of $1.15 billion and a decline, the scenes have changed today.
First of all, the amount of liquidation went down by one-fifth, and shorts were liquidated more as compared to longs. Traders who trust that the price will drop further bet on bears, but longs are for rises. The sentiment of investors improved today as the assets started to skyrocket, eliminating the shorts. As per the data revealed by CoinGlass, around 62,913 traders were liquidated today, which led to an overall $202.41 million.
The Largest Liquidation
The largest liquidation on the BTCUSDC pair was witnessed by Binance, estimating $6.26 million. The biggest liquidation is in Ethereum, totaling $74 million, having longs higher. Other cryptos such as BTC, SOL, and PEPE indicated that shorts were liquidated more. Short liquidation reveals a bullish event for the crypto market, as it is liquidated, traders quickly rebuy the liquidated assets, imposing purchasing or upward pressure on the token. And, this leads to a skyrocketing of the prices.
Adding more to this, the hype of President Donald Trump’s birthday has also pushed some prominent cryptocurrencies. Although the bearish outlook still appears for the short term, at the time of the Israel-Iran war conflict and other macroeconomic events. Something similar to this event occurred in October 2024, creating a bullish case for the crypto market. However, the long-term price prediction of the largest cryptocurrency, BTC, for this year is positive.
