- Bitcoin (BTC) continued its upward trend with over 6% increase in the last 24 hours, surpassing $52,400.
- Some market analysts predict another 40% rally for Bitcoin to reach new all-time highs by March 2024.
- Market data from CoinGlass indicates significant liquidations of $225 million across the entire crypto market in the last 24 hours.
While the Bitcoin price continued to trade at $ 52,400, short positions faced a major defeat.
Rise in Bitcoin Price Results in Liquidation of Short Positions
Bitcoin (BTC) continued its upward trend with over 6% increase in the last 24 hours, surpassing $52,400. The rally in Bitcoin price this week propelled its market value above $1 trillion, surpassing major players like Tesla.
In the latest surge of the crypto market, Bitcoin (BTC) crossed the $52,000 threshold, currently trading at $52,400, indicating a significant 5.9% increase in a 24-hour period. Some market analysts predict another 40% rally for Bitcoin to reach new all-time highs by March 2024.
Meanwhile, Ethereum (ETH) also experienced a notable increase, reaching above $2,800 and marking a 6.89% increase during the same period. The top ten altcoins joining Ethereum also rallied between 5% and 10%.
Market data from CoinGlass indicates significant liquidations of $225 million across the entire crypto market in the last 24 hours. Out of this total, $45.15 million corresponds to liquidated long orders, while $180 million corresponds to liquidation of short orders. This increase in liquidations underscores the heightened trading activity and volatility in the crypto market during this bullish period.
One of the main factors behind the Bitcoin price rally is the heavy influx into spot Bitcoin ETFs. Investments in newly launched Bitcoin investment instruments in the US exceeded $600 million in a single day.
BTC Price Movement
In a recent analysis, crypto analyst Michael van de Poppe highlighted Bitcoin’s remarkable surge, setting a new yearly high by surpassing $51,000. Expressing his astonishment at the market’s strength, van de Poppe suggested a potential peak in the range of $54,000 to $58,000 before the upcoming halving event.
Insights provided by on-chain data provider Santiment reveal that Bitcoin has once again crossed $52,000, marking a significant milestone not seen since December 3, 2021. However, analysts caution that excessive celebrations following such thresholds often precede temporary market peaks.
