Bitcoin BTC
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Short liquidation volume surged to more than $24 million in the past 24 hours as prices rebounded from multi-month lows below $57,000 on Monday.
A total of $33 million worth of Bitcoin positions were liquidated in the last 24 hours amid volatility. During the same period, the broader cryptocurrency market saw liquidations of more than $112 million. The majority of these combined cryptocurrency liquidations (about $70 million) were short positions, according to Coinglass data.
According to The Block’s price page, Bitcoin is up 3% in the last 24 hours and holding above $59,000, trading at $57,471 as of 5:45 a.m. ET. During the same period, the price of Ether rose 1.3% to $2,984.
Bitcoin price has risen more than 3% in the last 24 hours. Image: Block.
According to YouHodler Risk Manager Sergei Gorev, technical and fundamental analysis indicators are showing optimistic signs for the cryptocurrency market as we head into May.
Gorev still expects Bitcoin to grow, taking into account near-term downward pressure as traders continue to initiate short positions, and predicts the asset’s first significant medium-term price target will be above $80,000.
However, the analyst highlighted that further price adjustments are still possible in the coming week. “I do not rule out that the corrective move could go deeper as the 61.8% Fibonacci golden ratio level around $52,000 per BTC is still potentially unaffected,” he told The Block.
Spot Bitcoin ETF outflows decline
The Bitcoin price rise comes after the U.S. spot Bitcoin exchange-traded fund (ETF) experienced net outflows of $34.4 million on Thursday, representing a slowdown compared to record outflows the previous day.
Grayscale’s GBTC, which has seen steady outflows, was the only ETF to experience net outflows totaling $55 million on Thursday, according to SoSoValue data. Ark Invest’s ARKB led daily net inflows, adding $13 million. Spot Bitcoin ETFs from Franklin Templeton, Valkyrie, Invesco, and Galaxy Digital recorded net inflows totaling $6 million.
Bitcoin dominance has fallen slightly over the past day to 50%, while Ether dominance has risen slightly to 15.4%, according to data from Coingecko. According to The Block’s pricing page, the global cryptocurrency market capitalization has increased 3.7% in the past 24 hours, now reaching $2.34 trillion.
The GM 30 Index, which represents the top 30 cryptocurrencies, rose 2.39% to 125.85 during the same period.
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