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CryptoQuant contributor Darkfost warned that the market is unlikely to keep moving higher in a straight line and may face a further correction. Darkfost said a substantial amount of liquidity has built up below current price levels, making it likely the market could move lower to absorb part of it.
Darkfost added that $1.6 billion in positions was forcibly liquidated across the crypto market over the past 24 hours, including $866 million in long positions and $797 million in short positions, as volatility widened again.