Bitcoin’s recent price surge has led to over $102 million worth of leveraged short positions being liquidated in the past 24 hours. After reaching a weekly high of $72,668 on April 8, Bitcoin retraced slightly to trade above the $70,413 mark, resulting in a 0.55% decrease in the 24 hours leading up to 9:45 am UTC. Coinglass data shows that a total of $186.8 million worth of liquidations occurred in the cryptocurrency market during this period, with $61.6 million of liquidations specifically in Bitcoin.
Of the $61.6 million in Bitcoin liquidations, $33.9 million were from short positions, while $27.7 million were from leveraged longs. The largest single liquidation order, amounting to $4.49 million worth of Bitcoin, took place on Binance, the world’s largest exchange. It is worth noting that the $33 million worth of short liquidations is lower than the $38 million seen on April 2 when Bitcoin experienced a sudden 5% drawdown, resulting in the liquidation of $165 million worth of leverage in less than two hours.
If Bitcoin’s price rallies back to $73,000, Binance could see over $507 million worth of cumulative short leverage being liquidated. Furthermore, if Bitcoin reaches $73,500, cumulative short liquidations on Binance would reach $666 million. Traders should pay attention to the $73,000 level, which now acts as significant resistance and a potential short-liquidation zone for the BTC price.
Following the recent liquidations, the Bitcoin futures funding rate has seen a healthy reset, falling to 0.0163% on April 9, which is almost three times lower than the previous day. However, it is still significantly lower than the three-week high of 0.0714% on April 1.
Bitcoin’s price breakout above the old all-time high of $69,000 has confirmed future bullish momentum, according to popular crypto analyst Rekt Capital. This breakout was necessary to validate the continuation of the bullish trend. The recent price rally can be attributed to inflows from spot Bitcoin exchange-traded funds and the anticipation surrounding the upcoming Bitcoin halving, as stated by Matteo Greco, a 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. It is important to note that this article does not provide investment advice, and readers should conduct their own research before making any investment or trading decisions.