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wick, then was pulled back up. Looking at the order book data, nearly $430 million worth of long positions were liquidated that day.
Immediately in the comments, someone posted a screenshot shouting "fake drop, the bottom is here." What I see is something else: this is a shakeout of longs, not a creation of demand. Leveraged long positions were cleared out all at once, making the market lighter, but the rebound barely had any volume to support it.
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