Bitcoin has surged to multi-year highs above $56,000 in the past 24 hours as spot Bitcoin ETF trading volume has increased.
The largest digital asset by market capitalization is up more than 10% in the past 24 hours, trading at $56,566 at 5:46 a.m. ET.
The surge in prices over the past day has led to the liquidation of a significant portion of short positions on central exchanges. According to CoinGlass data, volatility led to the liquidation of more than $188 million in Bitcoin positions, most of which ($164.89 million) were short sales.
Major altcoins such as SOL, the native coin of the Solana network, and Ethereum also recorded daily gains of 9% and 6%, respectively, according to The Block’s price page.
Bitcoin price has risen more than 10% in the last 24 hours. Image: The Block
Data shows that the overall cryptocurrency market saw liquidated short positions worth over $280 million in the last 24 hours, contributing to a total of $363.71 million in liquidations across various centralized exchanges.
Liquidation occurs when a trader’s position is forced to close due to insufficient funds to cover losses. This situation occurs when market movements are against the trader’s position and the initial margin or collateral is depleted.
Spot Bitcoin ETF trading volume hit an all-time high on Monday, surpassing $2.4 billion in 24 hours, according to Bloomberg ETF analyst Eric Balchunas. “This is double the recent daily average.” Posted At X.com
Peter Brandt expects the price to be $200,000 by 2025.
Meanwhile, Factor LLC CEO Peter Brandt claimed in his prediction that Bitcoin could rise to $200,000 by September 2025. Brandt’s forecast is a significant upgrade from his previous estimate of $120,000.
According to technical analysts, the revised 2025 target stock price is bitcoin 
BTC
+10.68%
It breaks the ‘15-month channel’ on Monday. However, he added that this new forecast could be invalidated if the digital asset falls below last week’s low of around $50,500.
“The momentum above the upper limit of the 15-month channel has led to the target being revised upward from $120,000 to $200,000 for the current bull market cycle, scheduled to end in August/September 2025. A close below last week’s lows would invalidate this interpretation,” Brandt said. technical analyst Posted His predictions for X.com, along with a chart explaining his optimistic predictions.
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