The cryptocurrency market started the week off with massive liquidations for investors who bet against its rise.
What Happened: Coinglass, an on-chain data analysis tool reported that traders faced $364 million in liquidations on platforms such as Binance, Bybit, OKX, and Huobi. A notable portion of these were from short sellers of Bitcoin (CRYPTO: BTC).
As Bitcoin advanced against the shorts, the big question on analysts’ minds was about the next critical resistance levels.
The cryptocurrency market saw $158 million of Bitcoin short positions and $44 million of Ethereum (CRYPTO: ETH) short positions wiped out. Binance experienced the largest single liquidation order, with an ETH-USDT position valued at $10.38 million. In total, over $270 million cryptocurrency shorts were liquidated in the last 24 hours.
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Why It Matters: Crypto Rover, a cryptocurrency analyst, warns citing the CoinGlass data that Bitcoin short positions over a billion dollars could face liquidation if Bitcoin hits $52,200.
Ethereum also experienced a surge, with its price reaching $3,273—an apex not seen since April of the previous year and a stark contrast to its record high in November 2021.
The Bitcoin Fear and Greed Index—a measure of market sentiment for cryptocurrencies—hit a one-year high of 79 on the scale. This level hasn’t been observed since Bitcoin reached its all-time high price near $69,000 in November 2021.
Photo via Wikimedia Commons
Price Action: At the time of writing, BTC was trading at $56,5320 per token, up 10% in the last 24 hours, according to data from Benzinga Pro.
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