- Bitcoin’s latest force has triggered a significant card press, which has led to significant liquidations.
- The market remains volatile and investors should be prepared for potential corrections.
A green cryptic market usually spells problems for card sellers and Bitcoin’s (BTC) Dramatic return to $ 100,000 milestone was no different.
In a fantastic feature that wiped out $ 970 million in utilized positions, Baisse was liquidally liquidated. In short, traders who were placed against the rally were caught in a card book’s card press.
The result? A raised stamp that left the bears bruises and the crypto market that is sunbathing in green glory.
A surprisingly rally for bulls, a shock wave for bears
On May 2, Bitcoin Wicked through the $ 98K roof and teased a breakout. However, the follow -up was anything but convincing.
Without a strong spot bid, bulls lost speed rapidly. Bears smelled blood. With shorts that stacked up to 63.64% dominance in BTC/USDT perps at Binance, the installation was mature.
What followed was a textbook Long Press: Open interest was flushed, Longs was Nuked and BTC was recalled at $ 94K in just 48 hours.
But fast ahead of the week, and the tables turned. A brutal $ 970 million in liquidations marked a ReboundWith the funding rate (FR) Spiking Green for its longest distance in a month.
Source: Cryptoquant
Obviously, futures traders are still all-in on a BTC bull run, with long dominance of 51.64% above the stock exchanges. The 4-hour order book screams “Bullish Vibes.”
But the bears are not out yet. On binance is 60% of accounts still Short placedbets on a potential price repellent close to $ 103K resistance zone.
Is Bitcoin set up for a potential liquidity trap and repeat the same market structure from last week?
Liquidity cracks that keep the bitcoin bulls in the fourth
Cracks begin to show. Although BTC grew back to $ 104K in a rapid movement within the day, Bitcoin’s Open Interest (OI) dropped About 4.30%, now rests at $ 63.70 billion.
In other words, futures dealers already hit the output button, reject leverage and payouts when hype fades.
However, there are no solid signs of spot distribution – yet. Flows on the chain indicate that Hodlers hold the line and see higher goals.
So this wave of derivative -driven sales pressure may only be absorbed as a dip on a bull’s radar.
In fact, if Bitcoin continues to cut through the supply walls, the installation is ripe for another punishing card press. That $ 970 million? Can only be the heating.
Source: Coinglass
Liquidity maps highlight a tight cluster around $ 103,685, with $ 49.64 million in stacked exploited positions.
If bears become too comfortable, bulls can just run the trap and rocket bitcoin against $ 105,000.
