Bitcoin price has once again surpassed the $64,000 level, resulting in over $175 million in total liquidations in the market. The trading volume has increased by more than 15%, and Bitcoin continues to rise above the $64,000 threshold. During this process, the total liquidation amount has exceeded $175 million, with over $150 million in short-focused positions being liquidated. The largest single liquidation order occurred on Binance, with a $5.09 million transaction in the ETH/USDT trading pair.
Bitcoin Price Exceeds $64,000
On Saturday, May 4th, the price of Bitcoin unexpectedly surged to its highest level of the day at $64,540, despite it being the weekend and investors being in holiday mode. The trading volume also showed a significant increase of over 15%.
What Do Total Liquidations Indicate?
With this jump to $64,000, the cryptocurrency market witnessed millions of dollars in liquidations. The total liquidation amount recorded was over $175 million. Out of this, $150.10 million were from short-focused positions, while over $25 million in long-focused positions were closed.
The leading cryptocurrency exchange, Binance, had the highest trading volume in terms of liquidations, reaching $72.57 million. It was followed by OKX with $61.59 million in liquidations. The most notable single liquidation order occurred on Binance, resulting in a $5.09 million liquidation in the Ethereum against USDT trading pair.
This movement has caused Bitcoin’s price to break above the resistance trend line that persisted throughout the month. However, traders entering long positions should exercise caution due to the typical volatility of weekends. At the time of writing, Bitcoin is trading at $63,796.
What Awaits Bitcoin Investors?
Bitcoin could potentially move towards $68,000, but this is also dependent on improving investor sentiment. Recent volatility in the cryptocurrency market has made investors somewhat fearful.
Moving forward, Bitcoin’s price movement may be influenced by interest rate cuts by the Federal Reserve (Fed). JPMorgan has noted that the earliest rate cut could occur in July, while market sentiment suggests a cut in September is likely.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors must be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
