Bitcoin and altcoin liquidations spiked as short squeeze hit the cryptocurrency market
, which unsuccessfully tested the resistance at least three times. But despite the negative sentiment of the market, as soon as BTC broke through it, the number of long orders spiked immediately as FOMO tendencies hit the crypto market.As the substantial volume of short orders opened right before a strong positive BTC move, the market saw a rapid increase in the volume of liquidations, which currently reaches $500 million.
While market participants enjoy the positive performance, some traders have already failed to capitalize on the rally by opening"FOMO longs" above $47,000, which resulted in liquidations as the first cryptocurrency retraced by almost 2% at some point.
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