As market got a chance at recovery, massive volume of short orders were liquidated
Millions of short orders were liquidated in the cryptocurrency market after Bitcoin teased a return to $40,000 by briefly breaking the broken ascending channel on April 25, according to TradingView.
As data from CoinGlass suggests, $200 million worth of orders on various cryptocurrencies were liquidated as Bitcoin and other coins and tokens faced increased volatility. Besides numerous liquidated short positions, the market saw some portion of long orders removed due to relatively high volatility yesterday.
Reportedly, $75 million in long orders were removed from the market, indicating that traders were opening long positions massively right after Bitcoin hit $40,000. As TradingView’s daily chart suggests, on April 28, Bitcoin reached $40,385 but then quickly fell back below $40,000.
The short-term technical analysis of the Bitcoin chart suggests that Bitcoin has entered another channel, but in this case it is the descending channel formed in the $43,000-$38,000 range.
Since February, Bitcoin has not shown any volatile movement in the market, failing to break through the channel or show any significant movements over the past few months. The altcoin market, on the other hand, is showing a lopsided performance, with some positions recovering while others are struggling.
Previously, U.Today highlighted the performance of AAVE, which gained 55% to its value despite underperforming such cryptocurrencies as Ethereum. Tokens like GMT are also carrying the market with a massive 100% growth in the last few weeks, which may create worrisome tendencies on the market.
