- Bitcoin’s liquidation has been below $50 million over the past 48 hours.
- The cryptocurrency has managed to hold the $60,000 price range despite recent market fluctuations.
- Bitcoin holders who were initially underwater have seen a little relief as the 30-day MVRV climbs above zero.
Bitcoin’s liquidation volume has seen a significant decrease over the past 48 hours, while the cryptocurrency has managed to maintain the $60,000 price range. This comes as a relief to Bitcoin holders who were initially underwater, as the 30-day MVRV climbs above zero.
Bitcoin Liquidation Declines
Over the past week, Bitcoin’s price slipped below the $60,000 threshold, resulting in a surge of both short and long liquidations. However, a recent equilibrium between price movement and liquidations suggests a stabilization in the market. An analysis of the Bitcoin liquidation chart on Coinglass revealed a surge in liquidation on the 30th of April and the 1st of May, with the liquidation volume surpassing $136 million. However, as the price of BTC rebounded and reclaimed the $60,000 price range, the liquidation volume began to decline.
Bitcoin Maintains Trend Above $60,000
Following its declines on the 30th of April and the 1st of May, Bitcoin’s price trend on the daily timeframe chart indicated a notable rebound. Consecutive uptrends beginning on the 2nd of May, with a notable increase of over 6% observed on the 3rd of May. By the end of trading on the 4th of May, Bitcoin had increased by over 1%, reaching approximately $63,900. Despite this rebound, its short moving average continued to serve as resistance at around $66,000.
Strained Profit for 30-days Holders
Bitcoin’s 30-day Market Value Realized Value ratio (MVRV) indicated that holders experienced a period of being underwater for much of April. However, at the time of this analysis, the MVRV has slightly risen above zero, suggesting that holders within this timeframe are profiting, likely due to the recent slight increase in BTC’s price.
Conclusion
In conclusion, despite recent market fluctuations, Bitcoin has managed to maintain the $60,000 price range. This, coupled with a decrease in liquidation volume, suggests a stabilization in the market. Furthermore, the slight rise in the 30-day MVRV indicates that Bitcoin holders who were initially underwater are now seeing some profit.
