Bitcoin

April

Rekt

Over $102 million worth of leveraged short positions were liquidated in the past 24 hours as Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) was trading above $70,400. Is the breakout from BTC’s weekly price range confirmed?
<h2 id="over-33-million-worth-of-bitcoin-shorts-liquidated">Over $33 million worth of Bitcoin shorts liquidated</h2>
Following April 8’s weekly high of $72,668, Bitcoin price <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">retraced</a> to trade above the $70,413 mark, falling 0.55% in the 24 hours leading up to 9:45 am UTC, according to CoinMarketCap data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/92b6b1f4-ef0f-4809-b444-c2cd09ddcc90.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart, Source: CoinMarketCap
 </figcaption>
</figure>
Following BTC’s rise to its weekly high, over $102 million worth of leveraged short positions were <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">liquidated</a> in the cryptocurrency market during the past 24 hours, with a total of $186.8 million worth of total liquidations, according to Coinglass data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/00a2a060-2997-497a-aa76-0a21e6df6859.png" alt="" title="">
 <figcaption style="text-align: center;">
 Liquidation heatmap, 24 hours. Source: Coinglass
 </figcaption>
</figure>
BTC liquidations totaled $61.6 million, with over $33.9 million in short positions and $27.7 million leveraged longs. The largest single liquidation order amounted to $4.49 million worth of Bitcoin on Binance, the world’s largest exchange.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/52990c04-11d6-42a4-a557-7a501f7d4d0c.png" alt="" title="">
 <figcaption style="text-align: center;">
 Total liquidations, 24 hours. Source: Coinglass
 </figcaption>
</figure>
However, the $33 million worth of short Bitcoin liquidations is lower than the $38 million short liquidations on April 2. Moreover, BTC’s sudden 5% drawdown on April 2 <a href="https://cointelegraph.com/news/bitcoin-price-flash-crash-leverage-positions-liquidated">liquidated $165 million</a>&nbsp;of leverage in less than two hours.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/45a30ad1-bcc9-4c60-99ed-e2cdf053d776.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC futures short liquidations, all exchanges. Source:&nbsp;Glassnode
 </figcaption>
</figure>
Now, if BTC’s price rallies back to $73,000, over $507 million worth of cumulative short leverage would be liquidated on Binance. Cumulative short liquidations on Binance would reach $666 million at $73,500.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/31867758-5b12-4600-9e50-799c594635e8.png" alt="" title="">
 <figcaption style="text-align: center;">
 Binance BTC/USDT liquidation map. Source: Coinglass
 </figcaption>
</figure>
Traders should also watch the $73,000&nbsp;level — around the current all-time high — which now acts as significant resistance and a potential short-liquidation zone for the BTC price.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/9b6bdf98-4a3e-4861-82d6-b48176d12c21.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT liquidation map. Source: Coinglass
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</figure>
Related: <a href="https://cointelegraph.com/news/bitcoin-mining-profitability-wont-fall-halving">Bitcoin mining profitability won’t necessarily fall after halving</a>
Following the liquidations, the Bitcoin futures funding rate saw a healthy reset, falling to 0.0163% on April 9, almost three times lower than the previous day. However, this is still significantly lower than the three-week high of 0.0714% on April 1.&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/8e2d121a-a6ed-46c3-a148-1f47b0bdbf51.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC OI-weighted funding rate. Source:&nbsp;Coinglass
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="bitcoin-price-breakout-confirmed">Bitcoin price breakout confirmed</h2>
Now, Bitcoin price has <a href="https://cointelegraph.com/news/bitcoin-etf-200m-outflow-btc-price-69k">successfully retested the old all-time high of $69,000</a>, breaking out of the weekly range, which was <a href="https://twitter.com/rektcapital/status/1777278329927647514" target="_blank" rel="noopener nofollow">needed</a> to confirm future bullish momentum, according to an April 7 X post by popular crypto analyst Rekt Capital. 
In a subsequent post, the analyst <a href="https://twitter.com/rektcapital/status/1777278039128174759" target="_blank" rel="noopener nofollow">wrote</a>:
<blockquote data-ct-non-breakable="true">
 “Bitcoin Daily Closed above the ~$69,000 level yesterday. And today Bitcoin is enjoying good upside.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/13fc1563-83b1-4bc5-b429-53ae47a96cb8.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-day chart. Source: Rekt Capital
 </figcaption>
</figure>
Bitcoin’s latest price rally can mainly be attributed to the inflows from spot Bitcoin exchange-traded funds and the anticipation surrounding the upcoming <a href="https://cointelegraph.com/news/bitcoin-halving-2024">Bitcoin halving</a>, according to Matteo Greco, research analyst at digital asset firm Fineqia. 
Greco expects a sustained Bitcoin rally following the halving, which could last well into the second quarter of 2025. He told Cointelegraph:
<blockquote>
 “Historically, BTC halving events have marked significant points followed by 9–18 months of uptrend, culminating in cycle peaks. [...] If historical patterns repeat, we may witness an uptrend for the remaining nine months of 2024, leading to a cycle peak expected between Q4 2024 and Q2 2025.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/bitcoins-2028-halving-btc-price-target-435k">Bitcoin’s 2028 halving price target is $435K, historical data suggests</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

$102M shorts liquidated as Bitcoin price surpassed $72K

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Cointelegraph

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