Some $700 million long positions have been liquidated in the past 24 hours according to data by Bybt as pictured above.
That’s the biggest one day liquidation since November 24th when the eth 2.0 sell the news event liquidated $2 billion.
Yesterday’s action ostensibly was about London locking down yet again, but probably more because eth tried and tried to take that $670 and couldn’t in that round.
Bitcoin had its own resistance at $24,000, with it bouncing to check support at $22,000, which held after liquidating close to $400 million longs.
Eth dropped even more to $580s, reking some $125 million bulls in the process, and just $5 million shorts.
On Bitfinex some 20% of all longs got liquidated recently, dropping from 25,000 bitcoins to 20,000.
Ethereum saw some 100,000 eth liquidated on the exchange while shorts have been rising slightly.
What’s going on with XRP is not clear. SEC is going after them, which may lead some XRP holders towards bitcoin or eth.
Both cryptos have somewhat recovered today with it unclear whether they’ll try and test again that resistance line.
For eth, if it takes $670, then the road to all time high should be clear. While after taking $24,000, bitcoin would face resistance at $25,000, then $26,400, $27,000 and $29,300 with support at $22,720 and $21,819.
If it goes all the way to $29,000, then presumably there would be some sideway ahead of $30,000.
For now however the crypto is dealing with $24,000 probably because of eth’s known big resistance at $670.
So far it has turned out to be the biggest since $300 and for good reason. There aren’t many more bears afterwords, but that’s if bulls can first beat them after yesterday’s battle.