Bitcoin has been beset by heavy selling pressure in the past 24 hours, causing the digital asset to fall below the $60,000 support level and reaching a recent low of around $57,800.
Ether, the second-largest cryptocurrency, also faced significant liquidations, with over $71 million liquidated — of which $62 million were long positions. Despite a recent drawdown in the cryptocurrency market, derivatives traders are positioning for price increases in the coming months, particularly for ether, analysts said.
Thursday's QCP Capital report expanded on the factors that could cause prices to break out of the current downtrend. The analysts offered two dynamics that could drive a reversal in a further price correction. "Liquidation clusters on bitcoin and ether are heavily skewed to the topside, opening up potential short squeezes," the QCP Capital analysts added.
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