ICYMI: market saw a massive $358 million loss as Bitcoin experienced a plunge to $18,800 BTC $BTC
, the majority of experienced market participants anticipated another plunge down from Bitcoin and other cryptocurrencies despite indications of positivity we saw previously.of the remnants of long orders that some bulls thought are appropriate to have open considering the massive imbalance between longs and shorts.
Historically, a large imbalance between orders has been a perfect condition for a short squeeze to happen on the market and fuel the rally of BTC. Unfortunately, this was not the case yesterday, as bears have finally become successful in pushing the price of the first cryptocurrency down, triggering a small cascade of liquidations.Yesterday's pump confirmed the fears of most cryptocurrency industry experts who bet on another plunge ahead of a reversal.
The Ethereum Merge could have been a catalyst for the rally on the market, but for now, it only provides inflows to Ethereum, keeping other cryptocurrencies in a bear market.l
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