Bitfinex Alpha | BTC Finds Local Low but Leverage Increasing
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Bitcoin successfully defended its short-term range lows near $114,800 last week, rebounding sharply to close the week higher near $119,580. This resilience followed a swift intra-week drop of nearly 5 percent, which triggered large-scale liquidations. Over $1.1 billion in long positions were wiped out across major exchanges across a range of assets, on July 23rd and 24th, revealing how overheated speculative positioning had become during BTC’s recent run to all-time highs. While the correction was shallow in price terms, its effect on leverage was deep, reinforcing the reflexive nature of crypto markets when froth builds too quickly.
