Jiang Zhuoer explained the reason for liquidating his BTC positions: a pullback may occur, with the price potentially dipping to hit the concentrated liquidation zone at $76,000.
1 hours ago
Jiang Zhuoer, founder of BTC.TOP (Laibit Mining Pool), noted in a post that since Bitcoin (BTC) rallied sharply on August 20, the market has not seen a significant correction. The market remains in the early phase of a bull market rife with distrust and skepticism, with many investors harboring deep fears of steep price crashes. The concentrated liquidation zone around $76,000 on the heatmap is larger than the zone around $83,000 higher up. He argued that the market is more likely to test the lower liquidation zone, and this "magnetic effect" was the main reason he sold his entire BTC position at $82,000 two days ago.
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