Following a subdued weekend where Bitcoin lingered around the $63,000 mark, the cryptocurrency began to gain momentum during Monday morning’s Asian trading session, ultimately reaching just below $65,000 before facing a pullback.
This subsequent rejection triggered increased volatility in the market, resulting in the liquidation of over 60,000 traders in a single day.
Bitcoin’s recent price movements have been notably bullish, especially after the US Federal Reserve announced a 0.5% cut in key interest rates on Wednesday. The initial reaction involved some price fluctuations, but bulls quickly took charge, pushing the asset upwards to exceed $64,000 by Friday morning.
However, Bitcoin struggled to maintain its upward trajectory, losing steam over the weekend, during which it remained bound within a narrow range around $63,000.
On Sunday evening and into Monday morning, the market experienced further volatility. BTC first dipped to $62,400, rallied back to $64,000, retraced by another $1,500, and then launched an impressive upward movement hours later.
This surge propelled Bitcoin to a four-week high of $64,800 (according to Bitstamp). Yet, the bears swiftly intervened, halting BTC’s rally, and as it stands, the asset is trading approximately $1,000 lower.
Numerous altcoins mirrored Bitcoin’s movements; however, some, notably ETH and BNB, managed to rise by more than 2% in a day. Currently, ETH is trading above $2,650, while BNB is approaching the $600 threshold.
This notable volatility has adversely affected over-leveraged traders, with nearly 62,000 market participants facing liquidation daily. CoinGlass reports the cumulative value of liquidated positions has reached $165 million.
The largest single liquidated position, amounting to $2.73 million, was associated with ETH and occurred on Binance.
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