2024

Bitcoin

Million

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<a href="https://u.today/bitcoin-btc-might-face-major-shift-in-next-24-hours-whats-behind-it" rel="noopener noreferrer nofollow">Bitcoin</a> recovered from its sideways trading at the start of the week, surpassing $557,000 for the first time since December 2021.
Bitcoin's advances continued on Wednesday, reaching intraday highs of $57,790 at press time. The flagship cryptocurrency's price last increased by 3.27% to $57,746, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">CoinMarketCap</a> data.
Bitcoin (BTC) is facing a critical test on its path to recovering its all-time high of $69,000, set in November 2021. According to <a href="https://app.intotheblock.com/?end_offset=20" rel="noopener noreferrer nofollow">IntoTheBlock</a> data, 1.49 million Bitcoin addresses purchased 432,920 BTC at prices ranging from $56,961 to $67,413, with an average of $60,330.
This represents approximately 3% of Bitcoin holders who may look to sell once Bitcoin reaches its breakeven price, resulting in selling pressure.
In the case of a BTC price correction, the next key support lies between $55,134 and $56,961, where 513,730 BTC were bought by 991,220 addresses at an average price of $56,036, per IntoTheBlock data.
However, the danger of massive liquidation looms if Bitcoin loses the $56,000 level. According to <a href="https://twitter.com/ali_charts/status/1762504151190090128" rel="noopener noreferrer nofollow">Ali</a>, who cited Coinglass's Bitcoin liquidation heatmap, $300 million worth of long positions are at risk of being liquidated if BTC falls to $55,900.
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 Around $300 million will be liquidated across the board if <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> drops to $55,900! <a href="https://t.co/GSuNue0beo" rel="noopener noreferrer nofollow">pic.twitter.com/GSuNue0beo</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1762504151190090128?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 27, 2024</a>
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This scenario may cause a cascade impact, as liquidations can increase selling pressure and drive the price lower.
Bitcoin, the first and largest cryptocurrency, has added <a href="https://twitter.com/_Checkmatey_/status/1762729619206308226" rel="noopener noreferrer nofollow">$800 billion</a> to its market capitalization since Jan. 1, 2023. Bitcoin's market capitalization was around $320 billion at the beginning of 2023 and has since grown to $1.13 trillion, making it the world's tenth-largest asset.
Bitcoin is now <a href="https://u.today/key-reasons-why-bitcoin-btc-hashrate-hit-unprecedented-heights" rel="noopener noreferrer nofollow">less</a> than 20% of its all-time high of $68,982.20, set in November 2021. Investors expect it to achieve a new record after the launch of ETFs and the network's forthcoming halving event, which has traditionally laid the groundwork for a significant surge in the months that follow.

$300 Million Risks Liquidation If BTC Drops Beneath Key Level

U_Today

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