Bitcoin

April

Rekt

Over $102 million worth of leveraged short positions were liquidated in the past 24 hours as Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) was trading above $70,400. Is the breakout from BTC’s weekly price range confirmed?
<h2 id="over-33-million-worth-of-bitcoin-shorts-liquidated">Over $33 million worth of Bitcoin shorts liquidated</h2>
Following April 8’s weekly high of $72,668, Bitcoin price <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">retraced</a> to trade above the $70,413 mark, falling 0.55% in the 24 hours leading up to 9:45 am UTC, according to CoinMarketCap data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/92b6b1f4-ef0f-4809-b444-c2cd09ddcc90.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart, Source: CoinMarketCap
 </figcaption>
</figure>
Following BTC’s rise to its weekly high, over $102 million worth of leveraged short positions were <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">liquidated</a> in the cryptocurrency market during the past 24 hours, with a total of $186.8 million worth of total liquidations, according to Coinglass data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/00a2a060-2997-497a-aa76-0a21e6df6859.png" alt="" title="">
 <figcaption style="text-align: center;">
 Liquidation heatmap, 24 hours. Source: Coinglass
 </figcaption>
</figure>
BTC liquidations totaled $61.6 million, with over $33.9 million in short positions and $27.7 million leveraged longs. The largest single liquidation order amounted to $4.49 million worth of Bitcoin on Binance, the world’s largest exchange.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/52990c04-11d6-42a4-a557-7a501f7d4d0c.png" alt="" title="">
 <figcaption style="text-align: center;">
 Total liquidations, 24 hours. Source: Coinglass
 </figcaption>
</figure>
However, the $33 million worth of short Bitcoin liquidations is lower than the $38 million short liquidations on April 2. Moreover, BTC’s sudden 5% drawdown on April 2 <a href="https://cointelegraph.com/news/bitcoin-price-flash-crash-leverage-positions-liquidated">liquidated $165 million</a>&nbsp;of leverage in less than two hours.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/45a30ad1-bcc9-4c60-99ed-e2cdf053d776.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC futures short liquidations, all exchanges. Source:&nbsp;Glassnode
 </figcaption>
</figure>
Now, if BTC’s price rallies back to $73,000, over $507 million worth of cumulative short leverage would be liquidated on Binance. Cumulative short liquidations on Binance would reach $666 million at $73,500.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/31867758-5b12-4600-9e50-799c594635e8.png" alt="" title="">
 <figcaption style="text-align: center;">
 Binance BTC/USDT liquidation map. Source: Coinglass
 </figcaption>
</figure>
Traders should also watch the $73,000&nbsp;level — around the current all-time high — which now acts as significant resistance and a potential short-liquidation zone for the BTC price.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/9b6bdf98-4a3e-4861-82d6-b48176d12c21.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT liquidation map. Source: Coinglass
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-mining-profitability-wont-fall-halving">Bitcoin mining profitability won’t necessarily fall after halving</a>
Following the liquidations, the Bitcoin futures funding rate saw a healthy reset, falling to 0.0163% on April 9, almost three times lower than the previous day. However, this is still significantly lower than the three-week high of 0.0714% on April 1.&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/8e2d121a-a6ed-46c3-a148-1f47b0bdbf51.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC OI-weighted funding rate. Source:&nbsp;Coinglass
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="bitcoin-price-breakout-confirmed">Bitcoin price breakout confirmed</h2>
Now, Bitcoin price has <a href="https://cointelegraph.com/news/bitcoin-etf-200m-outflow-btc-price-69k">successfully retested the old all-time high of $69,000</a>, breaking out of the weekly range, which was <a href="https://twitter.com/rektcapital/status/1777278329927647514" target="_blank" rel="noopener nofollow">needed</a> to confirm future bullish momentum, according to an April 7 X post by popular crypto analyst Rekt Capital. 
In a subsequent post, the analyst <a href="https://twitter.com/rektcapital/status/1777278039128174759" target="_blank" rel="noopener nofollow">wrote</a>:
<blockquote data-ct-non-breakable="true">
 “Bitcoin Daily Closed above the ~$69,000 level yesterday. And today Bitcoin is enjoying good upside.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/13fc1563-83b1-4bc5-b429-53ae47a96cb8.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart. Source: Rekt Capital
 </figcaption>
</figure>
Bitcoin’s latest price rally can mainly be attributed to the inflows from spot Bitcoin exchange-traded funds and the anticipation surrounding the upcoming <a href="https://cointelegraph.com/news/bitcoin-halving-2024">Bitcoin halving</a>, according to Matteo Greco, research analyst at digital asset firm Fineqia. 
Greco expects a sustained Bitcoin rally following the halving, which could last well into the second quarter of 2025. He told Cointelegraph:
<blockquote>
 “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.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/bitcoins-2028-halving-btc-price-target-435k">Bitcoin’s 2028 halving price target is $435K, historical data suggests</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

$102M shorts liquidated as Bitcoin price surpassed $72K

Mục lục

Cointelegraph

Các bài viết khác được xuất bản trên 9 thg 4, 2024

Three Cryptos Set to Recreate the 100x Dogecoin (DOGE) Pump That Created Millionaires in 2021: Pe...

Base overtakes Arbitrum for most active addresses so far this month

Bitcoin Nears Pivotal Halving: Experts Forecast Price Surge

Fantom’s Andre Cronje shares ‘safer meme coin’ thesis

Will XRP’s Price Touch $1, or Should You Bet on More Ambitious Cryptos? Expert Advice Revealed

SEC Delays Decision on NYSE Bitcoin Options Trading

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!