Bitcoin came back to the carbine, and the bulls were "headshot"

Author | Qin Xiaofeng

Editor | Mandy

Produced | Odaily

Author | Qin Xiaofeng

Editor | Mandy

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According to the OKEx market, at 12 o'clock Beijing time, Bitcoin successfully broke through the pressure level of 12,000 US dollars, reaching a maximum of 12,100 US dollars, a new high in the past year.

But half an hour later, the market took a sharp turn for the worse, diving off a cliff, causing a large number of chasing high soldiers to liquidate their positions. Many investors bluntly said: One second was still in the bull market, and the next second will teach you how to behave.

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(picture from Coin360)

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roller coaster quotes

It is no exaggeration to describe the market at noon today as a roller coaster.

The mainstream currency also followed the footsteps of Bitcoin and generally rose, and there was no blood-sucking market.

In particular, Ethereum (ETH) and Ripple (XRP) have become the leaders today, with increases of 16% and 22% respectively.

Among them, ETH once broke through $400, reaching a peak of $415, the highest in the past two years. Many people have even begun to predict whether ETH will rise to $1,000 first, or Bitcoin will rise to $20,000 first.

However, just when the market was bullish, the market took a sharp turn for the worse.

In other words, if it was a contract user who chased up the whole position this morning and had a leverage ratio of more than 10 times, he would basically be "dead in battle", and there would be endless complaints in the community and on Weibo.

As of press time, BTC was back above $11,000 and reported at $11,300; ETH was back above $370 and reported at $377.

The violent market fluctuations also caused a large number of users to liquidate their positions. According to the data of Contract Emperor, the total liquidation of the entire network within 1 hour of the market crash was 423 million US dollars, of which BTC liquidation was 295 million US dollars, and ETH liquidation was 60.22 million US dollars; in the past 24 hours, a total of 55,000 people became liquidation victims. A total of US$1.135 billion was liquidated, about one-third of the liquidation volume of the "3.12 Plunge"; among them, BTC liquidated US$609 million and ETH liquidated US$215 million.

Today, the long position liquidation amounted to 868 million US dollars, which is 2.84 times that of the short position; among them, the long position liquidation of BTC was 513 million US dollars, which was 5.7 times that of the short position;

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The Air Force turned more and suffered a second harvest

In fact, the drop at noon today was foreshadowed in the dark.

From the perspective of the market trend, the decline is a normal retracement.

This round of rising prices started from $9,200 to $12,000, with a maximum increase of 30% in two weeks; during this period, Bitcoin hit ten consecutive positives, and there was no major retracement, and the largest single-day drop was only 2%; the strong Ethereum, the largest increase in two weeks reached 75%, the highest appeared in Jiulianyang, and the largest single-day drop was less than 1%.

"Currently, the feeling of big drops in the market comes more from the investment groups who chase ups and downs and conduct high-leverage transactions; Volatility is harmless." William, chief researcher of OKEx Research, said that this drop also reminded contract users to use high leverage carefully, and not to chase the rise and kill the fall.

Recently, the funding rates for perpetual contracts of various mainstream currencies have soared across the board. This morning, the ETH funding rate on Huobi and BitMex once reached 0.208%, and users are in a strong mood to chase more.

From the perspective of the main game, if enough "leeks" start to catch up, it is a good time to harvest.

From July 20 to 23, Bitcoin rose to $9,500. At that time, Huobi and OKEx had negative funding rates, while BitMex and Binance’s funding rates were basically positive.

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(Funding rate on July 23)

This phenomenon can be understood as domestic investors are mostly bearish, while overseas investors are mostly bullish. Until last weekend, after Bitcoin broke through 10,000 US dollars strongly, the funding rate of each platform basically turned into a positive number, which means that many watchers gave up resistance and turned to go long.

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The upward trend has not been broken, but short-term risks should be guarded