As the price of Bitcoin topped $72K, $102M in shorts were liquidated

Written by Rock Buivy

Post Date: 15 Apr, 24

Right under its all-time high, at $73,000, the price of bitcoin is currently aiming for, and this is where fresh short bets are starting to accumulate.

In the last 24 hours, leveraged short bets valued at over $102 million were closed as the price of Bitcoin rose beyond $70,400. Is it verified that BTC broke out of its weekly price range?

Shorts of Bitcoin worth more than $33 million were liquidated

According to CoinMarketCap data, after reaching a weekly high of $72,668 on April 8, the price of Bitcoin retraced to trade above the $70,413 threshold. In the 24 hours before 9:45 am UTC, the price fell by 0.55%.

According to Coinglass statistics, after Bitcoin reached its weekly high, the cryptocurrency market saw the liquidation of almost $102 million worth of leveraged short positions in the last 24 hours, for a total of $186.8 million in liquidations.

A total of $61.6 million in BTC was liquidated, consisting of around $33.9 million in short positions and $27.7 million in leveraged long bets.

$4.49 million worth of Bitcoin was the subject of the highest single liquidation order on Binance, the biggest exchange in the world.

But compared to the $38 million short liquidations on April 2, the $33 million worth of short Bitcoin liquidations is less.

Furthermore, in less than two hours, $165 million worth of leverage was liquidated by Bitcoin’s abrupt 5% fall on April 2.

Now, more than $507 million worth of total short leverage would be liquidated on Binance if the price of bitcoin rose back to $73,000.

At $73,500, the total amount of short liquidations on Binance would amount to $666 million.

Additionally, traders ought to keep an eye on the $73,000 mark, which is close to the cryptocurrency’s all-time high and is currently acting as strong resistance and a possible short-liquidation zone.

The financing rate for Bitcoin futures saw a healthy reset after the liquidations, with a drop to 0.0163% on April 9 – nearly three times lower than the day before. Still, this is a lot less than the three-week peak of 0.0714% on April 1.

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Verified breakout in the price of bitcoin

According to a famous cryptocurrency analyst Rekt Capital’s April 7 X post, the price of Bitcoin has now successfully retested its previous all-time high of $69,000 and broken out of the weekly range, which was required to confirm future bullish momentum.

The analyst wrote the following in a later post:

Yesterday, the Bitcoin Daily closed above the ~$69,000 mark. And Bitcoin is doing well right now.

According to Matteo Greco, research analyst at digital asset startup Fineqia, the momentum behind Bitcoin’s most recent price increase is primarily due to inflows from spot Bitcoin exchange-traded funds and the expectation surrounding the impending Bitcoin halving.

After the halving, Greco anticipates a strong Bitcoin rise that would last well into the second quarter of 2025.

In the past, major moments have been characterised by BTC halving events, which were followed by an uptrend lasting nine to eighteen months and cycle peaks. In addition, If past trends hold true, the final nine months of 2024 could see an increase, with a cycle peak predicted to occur between Q4 and Q2 of 2025.

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