- Bitcoin’s price climbed above $30,000 for the first time since April 2023.
- BTC moved from $28,316 to $30,755, gaining 8.74% in 24 hours.
- The latest price surge liquidated several short positions across multiple exchanges.
Bitcoin’s price climbed above $30,000 for the first time since April 2023. It gained 8.74% in the last 24 hours by moving from $28,316 to $30,755. As the BTC price surged, it liquidated several short positions across multiple exchanges. According to reports, in the past 24 hours, the top crypto exchanges liquidated up to $160 million.
Bitcoin broke above several resistance levels with the latest surge. It also broke out of multiple horizontal channels with which it traded for several months. Since bouncing off a low of $24,756, BTC has gained over 24% in a move that looks like it could last longer.
Bitcoin’s recent rally spread a bullish sentiment across the rest of the cryptocurrency market. Other cryptos, including top altcoins and meme coins, followed Bitcoin’s trend. Many cryptocurrencies posted significant profits. They also displayed chart formations that suggest a trend reversal that favors the bulls.
Data from several crypto exchanges support the suspected trend reversal with the significant amounts of short positions liquidated. Binance recorded the highest liquidation, with $51.18 million liquidated in the past 24 hours. OKX exchange followed with $38.73 million liquidated during the same period.
On the Bybit exchange, the market liquidated $20.30 million in short positions, while Huobi recorded $16.53 million in liquidations. Other crypto exchanges with significant liquidation volumes include BitMex, with $12.87 million liquidated, Deribit with $11.38 million, CoinEx with $7.36 million in short liquidations, and Bitfinex, with $900,970 in liquidations in the last 24 hours.
Bitcoin short liquidations mean the closing of open orders selling Bitcoin when the reversal occurred. Such positions close when the market takes out their stop-losses, exchanges close the open positions due to limited available margin, or voluntary closure by traders to minimize losses.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
