Price Action:
Bitcoin's daily candle showed extreme volatility, with a swing of $10,000 in a single day.
The price peaked near $69,300, surpassing the previous high, indicating strong initial momentum.
After the peak, the price fell sharply to $59,300, a move that resulted in the liquidation of around 1 billion dollars worth of leveraged positions. This type of volatility can be indicative of an overleveraged market, where positions with insufficient margin are liquidated quickly when the price moves against them.
Bitcoin's daily candle showed extreme volatility, with a swing of $10,000 in a single day.
The price peaked near $69,300, surpassing the previous high, indicating strong initial momentum.
After the peak, the price fell sharply to $59,300, a move that resulted in the liquidation of around 1 billion dollars worth of leveraged positions. This type of volatility can be indicative of an overleveraged market, where positions with insufficient margin are liquidated quickly when the price moves against them.