Bitcoin shakeout below $11,700 sees $94m longs liquidated on BitMex

Traders have had a tough few days longing and shorting Bitcoin as the volatility has seen liquidations galore.
Bitcoin shakeout below $11,700 sees $94m longs liquidated on BitMex
Following Bitcoins recent correction from the yearly high of $13,940 down to its current price of $11,700 has seen a surge of liquidations on Bitmex, to the tune of $94 million. 
It appears some traders thought the parabolic move would see more upward price movement, however that was not to be the case. Bitcoin saw a $2,000 decline in price over the past 12 hours, seeing long positions drastically decline at the same time. 

Bitcoin shakeout below $11,700 sees $94m longs liquidated on BitMex Bitcoin shakeout below $11,700 sees $94m longs liquidated on BitMex Reviewed by Chaudhry on June 28, 2019 Rating: 5