Bitcoin has once again surpassed the $64,000 mark, resulting in over $175 million in liquidations in the market. The trading volume has increased by more than 15%, contributing to Bitcoin’s upward trajectory. Notably, over $150 million worth of short-focused positions were liquidated, with the largest single liquidation order being a $5.09 million transaction on Binance involving the ETH/USDT trading pair.
On May 4th, despite it being the weekend and investors being in holiday mode, the price of Bitcoin unexpectedly reached its highest point of the day at $64,540. The trading volume also experienced a significant surge of over 15%.
However, this surge in price led to millions of dollars in liquidations in the cryptocurrency market, totaling over $175 million. Short-focused positions accounted for $150.10 million of these liquidations, while long-focused positions amounted to over $25 million.
Binance, a leading cryptocurrency exchange, stood out with $72.57 million in liquidations, followed by OKX with $61.59 million. The most significant single liquidation order, worth $5.09 million, occurred on Binance and involved the trading pair of Ethereum and USDT stablecoin.
This price movement has caused Bitcoin to break above the resistance trend line that had persisted throughout the month. However, it is important for traders entering long positions to exercise caution due to the typical volatility observed during weekends. At the time of writing, Bitcoin is trading at $63,796.
There is speculation that Bitcoin may reach $68,000, but this is contingent on improving investor sentiment. Recent volatility has made cryptocurrency investors somewhat apprehensive. Additionally, Bitcoin’s future price movement may be influenced by potential interest rate cuts by the Fed. JPMorgan has suggested that rate cuts may start as early as July, while the market generally expects a cut in September.
Disclaimer: This article does not constitute investment advice, and investors should be aware of the high volatility and risks associated with cryptocurrencies. It is recommended for investors to conduct their own research.
