Recent Bitcoin Pump shocks most traders
The recent bitcoin pump shocked most traders as it started at 29,500 and then suddenly made its way towards 35,000 but didn't totally work to move above it. But what did happen is that most of those traders that are shorting are being caused off-guard because they are liquidated as they didn't think that it would pump just like that. According to Coinglass with the surge of such volume of Bitcoin price, many traders are being wreak which results in their losses.
This is what I say, putting stop losses or something that could deflect such losses would be a good addition to traders' learning. Sometimes, we gamble just to get something in high return but the problem is that we have no protection out of it, if ever it wouldn't go towards what we want it to be. So I guess another learning curve for traders who are suffering losses and they will be able to get back those losses in the upcoming days.
If we just check on the recent graph, we see that Bitcoin does not increase its prices more, wherein we see some accumulation going on. I really fear a lot whenever this kind of situation happens where we see a possible bull run again but the problem is that it could be a bull trap. That is why you better look more into recent news and some happen within the crypto world so that you will be fully aware of what's happening inside it.
I've been holding some tokens in which the Bitcoin pump really did something good on my side, seeing those positive PnL is such a wonderful thing as a trader. I did sell some of those tokens just in case it wouldn't go up some more and also I have another opportunity to buy more for discounts if Bitcoin goes down.
We never know what's happening because sometimes technical doesn't fully work on trading but it is also a good tool because if you have technical knowledge on trading then you will able to read the possible next movement. At least, you have the chance to do things based on technical compared to those traders that only rely on news and feedback from most influencers.
I am also thinking about BlackRock if ETF is still possible since it is not longer listed on DTCC's website which is a bad image. It might be the reason why pumping stops because of this news, but who knows a sudden big positive news could deliver a massive surge in bitcoin price again. That is why, it is better to get updated every day so that you will not be left out in most of your active traders and that you will be safe from liquidations if ever.
Looking at the liquidation in Coinglass, we see that large shorts are being wreaked on October 24. It is quite painful to see that many traders lost most of their money out of what's happening. But sometimes we cannot control the things that are about to happen and when you trade in crypto, just keep in mind that there is no guarantee of earning a big amount of money out of trading crypto if you don't pay attention to what's happening always.
That is why, just put a portion of your money you want to gamble and don't put your life savings in crypto for the volatility is so high and unexpected, anything could happen just a bubble. Better safe than sorry in the future, that is the way of crypto from my perspective.
If you want to earn in crypto, you should study, research, and read the news so you will know when to jump in and then exit. With that, you will be able to see the fruit of your hard work in the future. So always grind and stay positive.
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