Bitcoin was struggling for many months until the Securities and Exchange Commission deemed it fit to approve a Bitcoin futures ETF. As a result, the flagship cryptocurrency saw an amazing climb as whales came to the rescue and were feeding money into the market to make Bitcoin go all the way towards achieving a new all-time high. The operation was successful, and Bitcoin managed to retake its previous all-time high but, in doing so, managed to set a new one.
But then again, it is the crypto market we are talking about, and volatility just couldn’t be swept under the carpet and left there unnoticed; before soon, Bitcoin started to crash and was once again in the low $60K range. All the resistances that the flagship cryptocurrency managed to break were once again standing tall, and the hopes of a bullish run looked fainter than ever. Bitcoin has seen a lot of activity; many traders have started liquidating their assets to battle the rising uncertainty within the crypto market.
According to a survey, more than 180K traders have liquidated in the past 24 hours, driving the price of Bitcoin to an even lower range. The same liquidation was not present when Bitcoin managed to retake its previous all-time high. One might wonder what would be the reason for that. Supposedly now, when crypto is taking on a new all-time high, the confidence of traders and investors is over the moon; they believe that as a new all-time high has been set, a bullish run out of nowhere might accompany the asset and would result in taking on other complicated resistances that lie ahead.
Uncertainty in Crypto Market
As a result, the price of crypto should increase like crazy. This is why most of the traders and investors were waiting out when Bitcoin took down its previous all-time high. But it didn’t happen, and Bitcoin took a step back; more than $900 million have been liquidated in the past 24 hours, and the numbers are projected to increase as uncertainty takes over the crypto market.