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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 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

— Bybt (@bybt_com) November 18, 2020

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