Crypto
Bitcoin Price Breakout Liquidates $117M Short Seller Position
A short seller who had bet against Bitcoin's price saw their $117 million position liquidated when the cryptocurrency pierced the $68,000 mark. This forced a full liquidation of the position and resulted in a final loss of $2.92 million for the investor.
The event occurred as Bitcoin's price surged above the upper Bollinger band at $67,507.65, with the Relative Strength Index (RSI) printing 85.25, indicating overbought conditions.
However, other technical indicators suggest a probable retracement before continuation of the upward trend. The bullish MACD golden cross and EMA50 support are currently in place at $86,254 and $64,249.92 respectively.