Bitcoin price has once again surpassed the $64,000 mark, leading to a total liquidation amount exceeding $175 million in the market. The trading volume has seen a significant increase of over 15%, fueling Bitcoin’s rise above the $64,000 threshold. During this upward movement, the total liquidation amount has exceeded $175 million, with a major focus on short positions, resulting in over $150 million in liquidations. Notably, the largest liquidation order was seen on Binance, with a transaction worth $5.09 million in the ETH/USDT trading pair.
Bitcoin Price Exceeds $64,000
On Saturday, May 4th, Bitcoin’s price unexpectedly surged to its highest level of the day at $64,540, defying the usual weekend slowdown. The trading volume also witnessed a notable increase of more than 15%.
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However, this jump in price led to millions of dollars in liquidations within the cryptocurrency market. The total liquidation amount recorded exceeded $175 million. Out of this, $150.10 million came from short positions, while over $25 million came from long positions being closed.
What Do Total Liquidations Indicate?
Binance, the leading cryptocurrency exchange, dominated the market in terms of trading volume, with $72.57 million in liquidations. OKX followed closely behind with $61.59 million in liquidations. The most significant single liquidation order took place on Binance, resulting in a $5.09 million liquidation in the Ethereum against USDT trading pair.
This price movement has allowed Bitcoin to break above the trend line that had been acting as resistance throughout the month. However, traders entering long positions should remain cautious due to the weekend’s typical volatility until confirmation of this breakout is received. Currently, Bitcoin is trading at $63,796.
What Awaits Bitcoin Investors?
There are indications that Bitcoin could potentially reach $68,000, but achieving these levels also depends on improving investor sentiment. Recent volatility has left cryptocurrency investors somewhat wary.
Moving forward, Bitcoin’s price movement may be influenced by interest rate cuts by the Federal Reserve (Fed). JPMorgan suggests that the earliest rate cut could happen in July, although the general market sentiment expects a cut in September.
Disclaimer:
This article does not provide investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.
