The recent rise in the rate of the first cryptocurrency above an important psychological mark of $8,000 has led to the liquidation of short positions of traders on futures platforms, CoinGape informs.
Shorts for about $23 million were liquidated on BitMEX, according to Datamish. On the Okex platform, the ratio of longs and shorts is 1 to 19, and on Huobi 58% of traders are bullish.
The rate of the main cryptocurrency has broken the upper boundary of the descending wedge, and this is a reversal signal. Cryptocurrency trader Tone Weiss believes that if the rate does not fall below $7,700, then it will be $8,500 in the near future.
To keep up with the latest news in the world of cryptocurrencies and the blockchain industry, check out updates on TheCoinShark.