Bitcoin's dive under $27K liquidates $100M — So why aren't margin traders flipping bearish? - WealthInsider

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Published May 12, 2023 10:25AM ET Updated May 12, 2023 09:40PM ET

Bitcoin's dive under $27K liquidates $100M — So why aren't margin traders flipping bearish? © Reuters

Bitcoin’s price (BTC) broke below its 55-day support at $27,000 on May 12. In result, the two-day, 7% correction to $26,155 caused $100 million worth of long BTC futures contracts to be liquidated.

However, Bitcoin margin and futures markets displayed strength during the down-move, fueling hope of a recovery toward $28,000.

OKX stablecoin/BTC margin lending ratio. Source: OKX

Exchanges’ top traders Bitcoin long-to-short ratio. Source: Coinglass

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Bitcoin’s dive under $27K liquidates $100M — So why aren’t margin traders flipping bearish?