Approximately $102 million in short positions with borrowed funds were closed in the last 24 hours because Bitcoin (BTC) surpassed $70,400 in value. Has Bitcoin (BTC) definitively broken through its weekly price range?
Over $33 million worth of Bitcoin shorts liquidated
Yesterday, Bitcoin reached a peak price of $72,668. Since then, it has retreated and now trades above $70,413. This represents a decrease of 0.55% in the past 24 hours, based on information from CoinMarketCap up until 9:45 am (UTC).
After BTC reached its weekly peak and surged past the $102 million mark, approximately that amount in bearish bets were terminated in the cryptocurrency market within the last 24 hours, as per Coinglass’ statistics. The total value of these liquidations came up to an impressive $186.8 million.
Approximately $61.6 million worth of Bitcoin were forcibly sold during market fluctuations, involving over $33.9 million in short positions and $27.7 million in leveraged long positions. The largest single liquidation order on Binance, the leading cryptocurrency exchange, amounted to approximately $4.49 million.
On the contrary, the value of short Bitcoin liquidations amounting to $33 million on a certain day is smaller than the $38 million worth of short liquidations that occurred on April 2nd. Furthermore, within just under two hours on April 2nd, BTC experienced a sudden drop leading to the liquidation of approximately $165 million in leverage.
If the price of Bitcoin on Binance reaches and surpasses $73,000 once more, over $507 million in shorts (or bets against the price increase) will be automatically closed due to a margin call. The total amount of short positions liquidated on Binance would hit $666 million if Bitcoin continues climbing up to $73,500.
Traders ought to keep an eye on the $73,000 mark, roughly equivalent to the present record high, which functions as notable resistance and a possible area for brief selling in Bitcoin’s price chart.
After the Bitcoin futures were liquidated, the funding rate for these contracts underwent a notable decrease. On April 9, it reached 0.0163%, which is around two-thirds of what it was the day before. Nevertheless, this figure remains higher than its three-week minimum of 0.0714% that was recorded on April 1.
Bitcoin price breakout confirmed
Recently, Bitcoin’s price reached and surpassed its previous record high of $69,000 during the week, as suggested in a blog post by well-known cryptocurrency analyst Rekt Capital on April 7th. This significant breakthrough confirmed the anticipated bullish trend.
In a subsequent post, the analyst wrote:
“Bitcoin Daily Closed above the ~$69,000 level yesterday. And today Bitcoin is enjoying good upside.”
The recent surge in Bitcoin‘s price is primarily driven by purchases from Bitcoin ETFs and the excitement surrounding the upcoming halving event, as explained by Matteo Greco, an analyst at Fineqia.
According to Greco’s prediction, Bitcoin is likely to experience a prolonged price surge after the halving event, potentially continuing through the second quarter of 2025, as shared with CryptoMoon.
“Historically, BTC halving events have marked significant points followed by 9-18 months of uptrend, culminating in cycle peaks… If historical patterns repeat, we may witness an uptrend for the remaining nine months of 2024, leading to a cycle peak expected between Q4 2024 and Q2 2025.”
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2024-04-09 17:28