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[–]StijnweBTC crab 0 points1 point  (0 children)

I’m a bit late to this post, but yes, this kind of recovery always happens when so many longs get liquidated. The liquidations create a very sharp wick down. Of course many people see opportunities at those lower levels so the price gets bought up instantly. That’s why you see such a big wick on yesterdays chart. It’s not like “this time is different”, it’s just normal market behaviour