{"id":424230,"date":"2020-05-18T01:54:29","date_gmt":"2020-05-18T01:54:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=424230"},"modified":"2024-06-11T13:48:52","modified_gmt":"2024-06-11T13:48:52","slug":"millions-worth-of-bitmex-shorts-liquidated-as-bitcoin-surges-towards-10000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/millions-worth-of-bitmex-shorts-liquidated-as-bitcoin-surges-towards-10000\/","title":{"rendered":"Millions Worth of BitMEX Shorts Liquidated as Bitcoin Surges Towards $10,000"},"content":{"rendered":"<p>Just minutes ago, Bitcoin made its latest attempt at rallying to $10,000, reaching $9,950 after the close of Sunday&#8217;s candle. The cryptocurrency fell short of the key $10,000 price point, since retracing to $9,900.<\/p>\n<figure style=\"width: 828px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/c81kMSqF\/\" alt=\"Bitcoin chart from TradingView.com\" width=\"828\" height=\"491\"><figcaption class=\"wp-caption-text\">Bitcoin chart from TradingView.com<\/figcaption><\/figure>\n<p>This move has not sparked much a reaction from the derivatives market, potentially because short traders were expecting the ongoing rally, and thus deleveraged their positions. <a href=\"https:\/\/www.skew.com\/\" rel=\"nofollow\">Skew.com<\/a> data indicates that a mere $5 million was liquidated during this upswing \u2014 far less than other liquidation events over the past two weeks.<\/p>\n<figure id=\"attachment_424232\" aria-describedby=\"caption-attachment-424232\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-424232 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/skew_bitmex_xbtusd_liquidations-13.png?resize=860%2C480\" alt=\"BitMEX liquidation data from Skew.com\" width=\"860\" height=\"480\"><figcaption id=\"caption-attachment-424232\" class=\"wp-caption-text\">BitMEX liquidation data from Skew.com<\/figcaption><\/figure>\n<h2><strong>Bitcoin Could Run Into Resistance Near $10,000<\/strong><\/h2>\n<p>While the recent move has been bullish, the cryptocurrency is currently running up against a sell wall of asks that may crush the short-term uptrend.<\/p>\n<p>Per\u00a0<a href=\"https:\/\/uniquehot.com\/2020\/05\/17\/theres-a-colossal-40m-sell-wall-preventing-bitcoin-from-crossing-10000\/\" data-wpel-link=\"internal\">previous reports from NewsBTC<\/a>, order book data of Bitfinex\u2019s BTC\/USD market\u00a0<a href=\"https:\/\/twitter.com\/majinsayan\/status\/26770688\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"noopener follow nofollow\">shared by a popular crypto trader<\/a>\u00a0indicates that there is a massive block of orders looking to sell Bitcoin around $10,000 that may be hard to break past.<\/p>\n<p>Bitfinex\u2019s order book suggests that from $9,900 to $10,600, there is ~4,200 Bitcoin worth of sell orders, most of which are clustered around $10,000-10,400. That means on one exchange alone, there is over $40 million worth of sell-side pressure if the cryptocurrency attempts to rally past $10,000.<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/pbs.twimg.com\/media\/EYOn0hdXYAASIG0.jpg?resize=1200%2C495&#038;ssl=1\" alt=\"Chart from Majin (@Majinsayan on Twitter), a crypto trader. \" width=\"1200\" height=\"495\"><figcaption class=\"wp-caption-text\">Order book (BTC\/USD) screenshot from Majin (@Majinsayan on Twitter), a crypto trader. The data indicates that there is a cluster of resistance from $10,000-10,400 that may be hard for bulls to break past in the coming days and weeks.<\/figcaption><\/figure>\n<p>The last time the cryptocurrency ran into such a sell wall was two weeks ago, when the cryptocurrency reached a multi-week high of $10,100. What followed was a strong drop from that level to $8,100 over the span of a few days.<\/p>\n<h2><strong>All Eyes On $10,500<\/strong><\/h2>\n<p>If Bitcoin manages to clear the resistance, all eyes will be on the $10,500 level.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/2020\/05\/18\/if-bitcoin-crosses-10500-a-new-highs-would-be-on-the-horizon-analyst\/\">As reported by NewsBTC,<\/a> the level has been given much attention by prominent crypto traders and analysts over the past few months.<\/p>\n<p>Depicted in the chart below is Bitcoin&#8217;s macro chart along with a line marking $10,500. The chart indicates that the level has been crucial on a number of occasions, as it marked the top of rallies two times in 2019 and once earlier this year.<\/p>\n<figure style=\"width: 776px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/UeEbyYYd\/\" alt=\"Chart from TradingView.com illustrating the importance of the $10,500 level for Bitcoin over the past few years.\" width=\"776\" height=\"436\"><figcaption class=\"wp-caption-text\">Chart from TradingView.com illustrating the importance of the $10,500 level for Bitcoin over the past few years.<\/figcaption><\/figure>\n<p>With Bitcoin rallying near this level once again, analysts have begun to tout its importance. The lead technical analyst at crypto research firm BlockFyre\u00a0<a href=\"https:\/\/twitter.com\/Pentosh1\/status\/85852672\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener nofollow\">wrote<\/a>:<\/p>\n<blockquote class=\"svecc-content-banner-added\"><p>\u201cIf Bitcoin gets over this. There isn\u2019t much standing in the way of new all-time highs. They\u2019d be on the horizon. Way less resistance than anything BTC overcame going from 3.7k to here. Would be a macro higher high confirmed. Don\u2019t underestimate the implications!\u201d<\/p><\/blockquote>\n<div class=\"text-banner\">What he&#8217;s saying is if BTC can close multiple daily or a weekly candle above $10,500, the cryptocurrency will be cleared to rally higher as that would confirm a macro uptrend.<\/div>\n<pre>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@michaelfousert?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Michael Fousert<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/t\/nature?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Just minutes ago, Bitcoin made its latest attempt at rallying to $10,000, reaching $9,950 after the close of Sunday&#8217;s candle. The cryptocurrency fell short of the key $10,000 price point, since retracing to $9,900. This move has not sparked much a reaction from the derivatives market, potentially because short traders were expecting the ongoing rally, and thus deleveraged their positions. Skew.com data indicates that a mere $5 million was liquidated during this upswing \u2014 far less than other liquidation events over the past two weeks. Bitcoin Could Run Into Resistance Near $10,000 While the recent move has been bullish, the cryptocurrency is currently running up against a sell wall of asks that may crush the short-term uptrend. Per\u00a0previous reports from NewsBTC, order book data of Bitfinex\u2019s BTC\/USD market\u00a0shared by a popular crypto trader\u00a0indicates that there is a massive block of orders looking to sell Bitcoin around $10,000 that may be hard to break past. Bitfinex\u2019s order book suggests that from $9,900 to $10,600, there is ~4,200 Bitcoin worth of sell orders, most of which are clustered around $10,000-10,400. That means on one exchange alone, there is over $40 million worth of sell-side pressure if the cryptocurrency attempts to rally past $10,000. The last time the cryptocurrency ran into such a sell wall was two weeks ago, when the cryptocurrency reached a multi-week high of $10,100. What followed was a strong drop from that level to $8,100 over the span of a few days. All Eyes On $10,500 If Bitcoin manages to clear the resistance, all eyes will be on the $10,500 level. As reported by NewsBTC, the level has been given much attention by prominent crypto traders and analysts over the past few months. Depicted in the chart below is Bitcoin&#8217;s macro chart along with a line marking $10,500. The chart indicates that the level has been crucial on a number of occasions, as it marked the top of rallies two times in 2019 and once earlier this year. With Bitcoin rallying near this level once again, analysts have begun to tout its importance. The lead technical analyst at crypto research firm BlockFyre\u00a0wrote: \u201cIf Bitcoin gets over this. There isn\u2019t much standing in the way of new all-time highs. They\u2019d be on the horizon. Way less resistance than anything BTC overcame going from 3.7k to here. Would be a macro higher high confirmed. Don\u2019t underestimate the implications!\u201d What he&#8217;s saying is if BTC can close multiple daily or a weekly candle above $10,500, the cryptocurrency will be cleared to rally higher as that would confirm a macro uptrend. Photo by\u00a0Michael Fousert\u00a0on\u00a0Unsplash<\/p>\n","protected":false},"author":497,"featured_media":424231,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[679,956,1144,4078,76835],"class_list":["post-424230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-price","tag-bitmex","tag-btcusd","tag-technical-analysis","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Millions Worth of BitMEX Shorts Liquidated as Bitcoin Surges Towards $10,000<\/title>\n<meta name=\"description\" content=\"Just minutes ago, Bitcoin made its latest attempt at rallying to $10,000, reaching $9,950 after the close of Sunday&#039;s candle. The cryptocurrency fell\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/millions-worth-of-bitmex-shorts-liquidated-as-bitcoin-surges-towards-10000\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Millions Worth of BitMEX Shorts Liquidated as Bitcoin Surges Towards $10,000\" \/>\n<meta property=\"og:description\" content=\"Just minutes ago, Bitcoin made its latest attempt at rallying to $10,000, reaching $9,950 after the close of Sunday&#039;s candle. The cryptocurrency fell\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/millions-worth-of-bitmex-shorts-liquidated-as-bitcoin-surges-towards-10000\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-18T01:54:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:48:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/michael-fousert-dhxvvgi5nL4-unsplash-scaled.jpg?fit=2560%2C1440\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nick Chong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Chong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/millions-worth-of-bitmex-shorts-liquidated-as-bitcoin-surges-towards-10000\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/millions-worth-of-bitmex-shorts-liquidated-as-bitcoin-surges-towards-10000\/\"},\"author\":{\"name\":\"Nick Chong\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/4c1114650d72d49c455452d2ce5c981a\"},\"headline\":\"Millions Worth of BitMEX Shorts Liquidated as Bitcoin Surges Towards $10,000\",\"datePublished\":\"2020-05-18T01:54:29+00:00\",\"dateModified\":\"2024-06-11T13:48:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/millions-worth-of-bitmex-shorts-liquidated-as-bitcoin-surges-towards-10000\/\"},\"wordCount\":525,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/millions-worth-of-bitmex-shorts-liquidated-as-bitcoin-surges-towards-10000\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/michael-fousert-dhxvvgi5nL4-unsplash-scaled.jpg?fit=2560%2C1440\",\"keywords\":[\"bitcoin price\",\"BitMEX\",\"btcusd\",\"technical analysis\",\"xbtusd\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/uniquehot.com\/news\/millions-worth-of-bitmex-shorts-liquidated-as-bitcoin-surges-towards-10000\/#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/uniquehot.com\/news\/millions-worth-of-bitmex-shorts-liquidated-as-bitcoin-surges-towards-10000\/\",\"url\":\"https:\/\/uniquehot.com\/news\/millions-worth-of-bitmex-shorts-liquidated-as-bitcoin-surges-towards-10000\/\",\"name\":\"Millions Worth of BitMEX Shorts Liquidated as Bitcoin Surges Towards $10,000\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/millions-worth-of-bitmex-shorts-liquidated-as-bitcoin-surges-towards-10000\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/millions-worth-of-bitmex-shorts-liquidated-as-bitcoin-surges-towards-10000\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/michael-fousert-dhxvvgi5nL4-unsplash-scaled.jpg?fit=2560%2C1440\",\"datePublished\":\"2020-05-18T01:54:29+00:00\",\"dateModified\":\"2024-06-11T13:48:52+00:00\",\"description\":\"Just minutes ago, Bitcoin made its latest attempt at rallying to $10,000, reaching $9,950 after the close of Sunday's candle. 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My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.\",\"url\":\"https:\/\/uniquehot.com\/author\/nickchong\/\"}]}<\/script>\n","yoast_head_json":{"title":"Millions Worth of BitMEX Shorts Liquidated as Bitcoin Surges Towards $10,000","description":"Just minutes ago, Bitcoin made its latest attempt at rallying to $10,000, reaching $9,950 after the close of Sunday's candle. 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