TL;DR
- Bitcoin climbed above $84,500 after gaining 2.5% during the session. Short liquidations across the crypto market exceeded $192 million.
- Bitcoin liquidations reached approximately $78.6 million, with 93% coming from bearish positions.
- More than 71,000 traders were liquidated, while BTC trading volume increased 7% to over $27 billion.
Bitcoin surpassed $84,500 after gaining 2.5% over the past 24 hours, during a session marked by massive liquidations of bearish positions across the crypto market.
According to CoinGlass, total market liquidations reached approximately $246 million, with around $192 million coming from short positions. These accounted for more than 77% of the total.
Bitcoin liquidations totaled approximately $78.6 million, with 93% coming from traders betting on a price decline.
The price increase also coincided with higher BTC trading activity, as volume rose 7% to exceed $27 billion, according to the provided CoinMarketCap data.
Bitcoin Triggers Liquidations of Bearish Positions
BTC’s recovery caught many traders holding leveraged positions off guard as they anticipated further declines.
When prices rise, exchanges can automatically close short positions that no longer have sufficient collateral. These liquidations force traders to buy back assets and can accelerate price increases.
Over the past 24 hours, more than 71,200 traders were liquidated across the crypto market. Binance accounted for approximately 44% of total liquidations.
Ethereum recorded nearly $48 million in liquidations, while Zcash saw approximately $14.8 million.
The largest individual liquidation was an Ethereum short position worth $8.74 million on Binance.
BTC Retests Resistance at $85,000
Despite the recovery, Bitcoin continues to face resistance between $84,000 and $85,000, an area where it previously encountered selling pressure.
A sustained breakout above $85,000 could push the price toward $86,500 and $86,700. Conversely, another rejection could bring the $82,000 and $80,000 support levels back into focus.
Inflows into U.S. spot Bitcoin ETFs have also supported the recovery, while open interest in derivatives markets continues to rise.
The Federal Reserve’s upcoming monetary policy decision will be another factor for traders to watch. According to CME FedWatch, markets are pricing in an 81% probability that the Fed will leave interest rates unchanged.
