BTC, 1.8699 trillion won in futures market liquidation occurred
Experts say "the bullish trend continues" despite the BTC plunge
A large overhang of orders accumulated at $9.8k is pointed out
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Bitcoin recorded $10,8239 at 00:00 on the 18th, setting a new high, but fell about 2.7% within an hour. The cause is analyzed as a large-scale liquidation that occurred in the futures market.
According to data from the on-chain analysis platform CoinGlass on the 18th, the open interest in the Bitcoin futures market surpassed $70 billion (about 106.32 trillion won) on the afternoon of the 17th. It was revealed that the amount liquidated along with the sharp drop in Bitcoin on the 18th was about $1.3 billion (about 1.8689 trillion won). The open interest that had piled up like firewood caused a chain reaction of liquidation, leading to the sharp drop.
Despite the sharp drop in Bitcoin, the outlook of experts on Bitcoin's short-term price is bright. The main reason is that a large amount of supply has already accumulated at high prices due to the prolonged Bitcoin rally this year.
According to data from the on-chain analysis platform Whalemap on the 18th, more than 150,000 Bitcoins have accumulated at $9,8133. It is analyzed that it is not easy for Bitcoin to fall back to the price level before the rally, as a large amount of supply has accumulated around $10,000.
Cryptocurrency trading company QCP Capital pointed out the short-term bullishness of the cryptocurrency market, including Bitcoin, in a client letter on the 18th. QCP Capital said, "The market is healthy" and "Prices will rise further over the next 3-6 months and we expect the market to remain bullish until the summer of 2025."
On the other hand, famous cryptocurrency analyst Raekt Capital pointed out that a sharp drop in Bitcoin could occur based on Bitcoin's past history. Raekt Capital said, "Bitcoin's bullish rallies usually peak around the 7th week," and "Preparation for a sharp drop is also necessary."
Bitcoin recorded $10,6132 as of 9:30 am on the 18th based on CoinMarketCap.
Reporter Kwon Seung-won ksw@blockstreet.co.kr
