It was just last week when we hit the range low, and now thanks to a sacrifice from BTC bears, we’re back at the range highs. The rotation inside the range has certainly accelerated, but it’s probably best not to celebrate till we make a clean break out of it. Outside BTC, most crypto’s are enjoying a green day, while AXS and other NFT/gaming tokens take a breather.
Short Liquidations Fuel Move Up
After months of watching longs get liquidated for tens of billions of dollars, it was the shorts’ turn to incur the wrath of the market. A massive short was liquidated on Binance, pushing the price of it’s BTC-USDT perpetual future from $36,710 to $48,110 in two minutes. Yes, two minutes. On other exchanges, like Coinbase’s spot market, the price of BTC barely reaches $40,000.
This isn’t normal, and is likely the result of poor execution from Binance’s liquidation engine. Nevertheless, it caused a 21% wick