Bitcoin Skyrockets To $47,000 Causing Massive Liquidations

The price of Bitcoin (BTC) has risen for nearly two weeks now, starting on March 14th. Earlier today, the coin skyrocketed up to $47,112, which is a level that it did not see since the first five days of January.

However, Bitcoin traders were quick to react, as approximately $432 million BTC was liquidated following the price surge. Most of the liquidated positions were short, and recent data shows that the largest liquidation order took place last night, on Bitmex. The pair in question was XBTUSD, and it was worth 217.1577 BTC, or $10 million.

Bitcoin Price Climbs to Early January Height

Bitcoin’s drop, which originally started after the coin hit an ATH on November 11th, 2021, finally ended on January 24th of this year. The coin then started a recovery that only took it to $44,000. This resistance prevented it from going further up on three different occasions. The coin’s first attempt lasted from February 7th to 10th, and it resulted in the coin eventually dropping to $42k.

Then, on February 15th, BTC made a new attempt to breach the resistance, and this time it was pushed back down to $34k. However, the coin bounced back fairly quickly, but on March 1st, it was back at $44k yet again. Once more rejected, Bitcoin landed at $38,000, and after using this support to gather momentum, it finally started a long climb two weeks later, on March 15th.

Along the way, it broke resistances at $41k, $42k, $43k, and $44k, with the last breakthrough falling on March 24th. The coin then spent the last four days slowly climbing to $45,000, only to shoot up past $47k as the new week started.

Over the past 7 days, Bitcoin has gone up by 14.15%, and in the last 24 hours, it has gone up by 5.45%. At the time of writing, its price sits at $47.07k. After reaching $47.2k, the coin corrected to $46.8k, only for it to bounce back up to the current $47,080.

Optimistic Predictions May Signal the Continuation of the Rally

The rapid surge in BTC value caused its total liquidations to spike, but it should be noted that sales have slowed to $170 million over the last 24 hours (out of the $432 million in noted liquidations).

While most of the initial BTC liquidations were from shorting, the new day has seen many take long positions, showing renewed optimism.

At this time, Bitcoin is about $700 away from its YTD high. It will be interesting to see if it can reach this high today or if the rally will lose steam.

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