A CryptoQuant analyst pointed out that despite the recent price increases, the cryptocurrency market may be ready for another bear storm. This prediction is based on short liquidation data from the futures market, which is at a 15-month high.
Short Liquidations on the highest level in 15 months
— CryptoQuant.com (@cryptoquant_com) October 26, 2022
J.A. Maartunn, writing in a QuickTake on the cryptocurrency market intelligence platform, stated that the most recent liquidations data suggests that bulls have a lot of work ahead of them if the most recent crypto rally is going to be sustained.
He observed that around the time the stock markets in the United States opened for trading, short positions in cryptocurrencies began to roll over. As a result of the approximately 320 million dollars worth of quick liquidations that have been recorded so far, today is a significant trading day.
For this reason, he added that it is essential that bulls have enough strength to keep the price of Bitcoin (BTC) above $20,000 and turn the price level into support.
When the monthly period comes to a close in a few days, the analyst’s perspective on the topic will be of the utmost relevance, so they must share it.
Crypto Market Rally Still Yet To Abate
Although the analyst is preparing for a bear storm if the recent rally is not maintained, prices in the cryptocurrency market have continued to rise. The market’s total value surpassed $1 trillion in capitalization.
In addition to Bitcoin (BTC), Ether (ETH) has also been appreciating, contributing to the massive liquidation of short positions. As reported, ETH made a vast ascent to an intraday high of $1,512, thereby shaking out over $105 million worth of short positions.