In the last 24 hours, it has been observed that over $170 million in long and short positions have been liquidated in the world’s biggest cryptocurrency, Bitcoin, following a massive upside momentum. However, during this period Bitcoin experienced a significant price surge of over 6%, indicating investors’ confidence and continuous interest.
Bitcoin and exchanges liquidation in last 24 hours
According to on-chain analytic firm Coinglass, today on March 5, 2024, in addition to Bitcoin’s liquidation value in the last 24 hours, more than half a billion of the total liquidation occurred. However, the largest single liquidation order happened on the world’s biggest cryptocurrency exchange, Binance, in the BTCUSDT pair, with a liquidation value of $8.23 million.
Additionally, if we examine the liquidation amounts on exchanges in the last 24 hours. The highest liquidations occurred on Binance, where traders liquidated nearly $240 million, with the majority coming from short positions—$149 million, representing almost 62% of the total Binance liquidation.
On the other hand, OKX experienced $193 million in liquidations, with nearly $93 million from long positions and $100 million from short positions in the last 24 hours. The third-highest liquidation was observed on the Bybit cryptocurrency exchange, with nearly $57 million liquidated in the last 24 hours—$34 million from long positions and $23 million from short positions. This liquidation indicates traders’ engagement in this bullish market as Bitcoin and other cryptocurrencies are heading towards their all-time highs.
Bitcoin technical analysis and key levels
Currently, Bitcoin is trading near $67,000, and in the last 24 hours, it experienced over a 5% upside momentum. If we look at Bitcoin’s performance over a longer period, in the last 7 days, Bitcoin experienced over a 20% upside momentum. In the last 30 days, the price surged by over 57% in upside momentum.
According to expert technical analysis, Bitcoin on a daily time frame broke out of the major resistance zone near the $66,500 level and also closed a daily candle above the $68,500 level. This daily candle closing above $68,500 makes Bitcoin more bullish, as this breakout comes after 3 days of price consolidation.
In this ongoing bullish market sentiment and continuous bullish move, if Bitcoin closes on the daily time frame above its all-time high, which is the $69,040 level, it is possible that we may see a new all-time high in the coming days.
