Bitcoin Liquidations

After dropping to $17,600 on Saturday, the Bitcoin price bounced to close the day at just under $19,000, then recovered that level and is currently trading back above $19k.

Watcher Guru on Twitter (@WatcherGuru) reported that the rapid move to the upside just before the daily close caused $269 million in short position liquidations.

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Bitcoin Short Liquidations

Bitcoin is still trading below $20,000 and the 200 week MA, and has a long way to recover back to its all time high of $69,000 – although liquidating late bears is a start.

Some crypto traders do think a temporary bottom is in at $17,600 for now however and Bitcoin may establish a short term uptrend – one price target could be the 21 daily EMA at just over $25,000.

Ethereum is also back above $1,000 after a possible whale games situation where traders attempted to liquidate a 152,000 ETH position but failed. That liquidation price not being hit, and news of Celsius covering $27 million of their debt on a LINK position may have been the catalyst for Bitcoin’s price move back over $19,000.

Weekend trading is also volatile as there is lower liquidity in the market – leading to long price wicks in either direction and many liquidations. Some replies to the tweet on Bitcoin short liquidations pointed out that a similar number of Bitcoin longs had also been liquidated in the past 24 hours.

After the Sunday trading session, Monday is also a holiday in the United States for Juneteenth. US markets being closed for a long weekend could result in even more volatile trading conditions – especially around the time of the daily close and shortly after the open.

Update – Bitcoin continued to liquidate shorts, spiking to just over $20,000 before retracing slightly.

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