<\/p>\n
The digital assets markets are witnessing massive liquidations as Bitcoin (BTC<\/a>) leads crypto on a massive rally.<\/p>\n According to data from the crypto data aggregator\u00a0Coinglass<\/a>, over $480 million has been liquidated from the crypto markets in the last 24 hours.<\/p>\n Over the same period, BTC has risen 9.4%, trading at $33,913 at time of writing. The king crypto is up over 19% in the last week after reaching a new high for the year just above $35,400.<\/p>\n BTC\u2019s explosive movements have forced several well-known traders to concede that their previously bearish outlooks on BTC have not panned out.<\/p>\n Crypto trader Nicholas Merten\u00a0tells<\/a> his 113,700 followers on the social media platform X that his call on Bitcoin this year was incorrect, though he\u2019s still not sold on the idea that a full-blown bull market is underway.<\/p>\n \u201cHaving traded well over a decade, it\u2019s difficult to admit it, but we got this one wrong on Bitcoin.<\/em><\/p>\n I\u2019m still not convinced we\u2019ve got the legs for a full-swing bull market, but I must share my respect to those who expected a break above $31K and stuck to their convictions.\u201d<\/em><\/p>\n On his Telegram channel, pseudonymous trader Capo says<\/a> his bearish stance that he\u2019s held<\/a> for over a year has been mostly invalidated, at least for now.<\/p>\n \u201cThis breakout is not good for the main bearish scenario. I didn\u2019t expect the $31k resistance level to break that easily. After checking the market with a cool mind, price never broke $25k which was the main confirmation. <\/em><\/p>\n Now we are in a situation where price has to get back below $30k in order to confirm a deviation above that resistance, which would mean this has been a fakeout caused by ETF euphoria\u2026 However, until this happens, it\u2019s no man\u2019s land. It could actually go higher, but also it could deviate back below, restest the broken resistance as support.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
\n
\nCheck Price Action<\/a><\/span><\/em>
\n
\nFollow us on Twitter<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>
\n
\nSurf The Daily Hodl Mix<\/a><\/span><\/em>
\n<\/p>\n