Long squeeze alert: BTC and ETH could retrace to these levels
In a rallying cryptocurrency landscape, each pump and opened long position leave liquidity pools behind, which can cause long squeeze s. Therefore, traders can look for cryptocurrencies with an increased volume of longs to prepare for retrace ments. Finbold gathered data from CoinGlass on March 2 to analyze the derivatives market. Cryptocurrencies have shifted to a dominating bullish sentiment amid a notable rally. In particular, Bitcoin (BTC) and Ethereum (ETH) accumulated massive gains and now threaten a correction. Essentially, traders tend to open longs when the market is going up while favoring short positions when it goes down. However, longs are trading contracts that require deposited collateral, setting a liquidation price downwards. Picked for you IPO backed by Bitcoin mining titan struggles on first trading day 31 mins ago Ripple reserves 200 million XRP for March’s sell-off 2 hours ago Brace for strong DOGE surge; Here’s why 2 hours ago How m...