Bitcoin (BTC) Surges Past $63,000, Triggers $134 Million in Liquidations

• The recent surge in Bitcoin’s price over the $63,000 mark has caught many crypto investors by surprise.
• Data shows a significant amount of liquidations in the crypto market, primarily affecting short sellers.
• Notably, veteran trader Peter Brandt sees this increase in Bitcoin’s price as a confirmation of a bear trap, suggesting higher potential levels.

Bitcoin’s unexpected rise over $63,000 leaves short sellers in turmoil as prominent traders foresee higher valuations.

Massive Liquidations in the Crypto Market

Short sellers in the cryptocurrency market are facing heavy liquidations after Bitcoin’s abrupt surge past the $63,000 threshold. According to recent data from CoinGlass, the market has seen over $134 million in liquidations within the last 24 hours, heavily impacting those betting against Bitcoin’s price rise.

Key Exchanges Experience High Liquidation Volumes

Binance, recognized as the largest cryptocurrency exchange by trading volume, recorded the highest liquidation values, amounting to $52.05 million. Following closely, OKX accounted for $35.56 million, Bybit for $19.15 million, and Huobi with $14.39 million. The widespread liquidations signify the intense volatility and risk involved in short-selling Bitcoin amidst such market movements.

Peter Brandt’s Insight on Bitcoin’s Movement

Veteran trader Peter Brandt has weighed in on Bitcoin’s price jump, interpreting the move past $63,000 as a confirmation of a bear trap. This term describes a scenario where bearish investors sell off their positions just before a significant price reversal. Brandt suggests that the correction to the $50,000 range was indeed a bear trap, and anticipates that Bitcoin’s price could now climb to more than $90,000 if current trends persist. He emphasized the importance of staying above $56,000 to maintain this bullish outlook.

Technical Analysis by Bluntz Supports Bullish Sentiment

Another well-known analyst, Bluntz, concurs with Brandt’s optimistic view. Utilizing Elliott Wave theory, which involves predicting future price movements based on recurring long-term price patterns, Bluntz believes that Bitcoin may have completed its multi-month ABC correction. He anticipates a new impulsive five-wave surge, should Bitcoin consistently hold above $60,000. Bitcoin’s recent performance, trading at approximately $63,033, reinforces this positive momentum.

Conclusion

Bitcoin’s surprising upward leap has caused considerable liquidations among short sellers, affecting major exchanges like Binance, OKX, Bybit, and Huobi. Insights from veteran traders such as Peter Brandt and Bluntz suggest that Bitcoin may continue to ascend, potentially reaching new heights beyond $90,000. As always, investors must navigate these volatile waters with caution, staying informed and adaptable to rapidly changing market conditions.