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BTC Surges To $18.4k, Dumps to $17.2k as $0.8B is Liquidated in 24hrs

Quick take:

Bitcoin broke the $17,100 resistance levelBitcoin then zoomed past $18k to post a 2020 high of $18,474 – Binance rateBTC soon fell hard to $17,200The intense price action resulted in over $800 million in liquidations across the crypto markets

The last 24-hours have been an exciting ride for Bitcoin (BTC) traders and investors. Late yesterday, the King of Crypto was staring at a 2-year-old resistance level at $17,100 which many thought would be the proverbial brick wall for Bitcoin. However, BTC overcame this area with ease, zooming past $18k, and setting a 2020 peak value at $18,474 – Binance rate. But as soon as Bitcoin posted the 2020 peak value, BTC soon dropped fast and furious to $17,200.

Over $0.8 Billion in Liquidations in 24 hours

This means that in the last 24 hours, Bitcoin has pumped by 11% and also dumped by 7%. The quick volatility has resulted in over $0.8 Billion in liquidations for both long and short positions.

The team at ByBt.com captured this feat and shared it via the following tweet. From the tweet, it can be observed that a total of $805.69 Million in liquidations occurred in the last 24 hours.

Exchange Liquidations :
All $805.69M 54%Shorts#Binance $289.26M 51%Longs#Huobi $200.06M 56%Shorts#Bybit $109.94M 56%Shorts#Okex $109.33M 52%Shorts#Bitmex$68.64M 67%Shorts#FTX $18.44M 69%Shorts#Deribit$10.01M 83%Shorts pic.twitter.com/ydAyAzEJht

— Bybt (@bybt_com) November 18, 2020

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