TL;DR
- More than $102 million in Bitcoin short positions were liquidated in the market. Subsequently, there was a 3.8% decrease in the price of BTC, reaching $69,100.
- The surge in BTC price, which peaked at a weekly high of $72,668 on April 8. Triggered the liquidations as BTC surpassed $70,000.
- It is expected that if the BTC price rises again and reaches $73,000, more short liquidations will occur, with a potential sum of $507 million on Binance.
The market witnessed a significant liquidation of Bitcoin (BTC) short positions, with over $102 million in bearish bets closed. Now the BTC price has been declining over the last trading day, trading at $69,100 after losing 3.8% of its value.
The flow of liquidations was a direct consequence of the surge in BTC price. Which had reached a weekly high of $72,668 on April 8. As Bitcoin rose above $70,000, the liquidations were triggered.
The largest individual liquidation amounted to $4.49 million in BTC and was executed on Binance. Additionally, if the Bitcoin price rebounds and reaches $73,000. More short liquidations are expected to occur, potentially resulting in a cumulative liquidation of over $507 million on Binance.
Bitcoin Consolidates its Position Above $69,000
This situation is a reflection of the volatility and high risk in the BTC market. Where investors use leverage to maximize their profits but are also exposed to significant losses in case of adverse price movements. The massive liquidation of short positions reflects how a sudden change in market sentiment can result in sharp and rapid price movements.
On the other hand, Bitcoin has managed to consolidate its position above the previous all-time high of $69,000. Confirming the breakout from the weekly range. This trend has generated optimism among investors, who expect its bullish trajectory to continue in the short term.
Ultimately, the massive liquidation of short positions in BTC and its consolidation above key levels suggest a positive sentiment in the market. With growing confidence in the bullish outlook for the near future.
