Bitcoin price recently surpassed the $64,000 level again, while the total liquidation amount in the market exceeded $175 million. The trading volume increased by over 15%, and Bitcoin continued its rise by crossing the $64,000 threshold. During this process, the total liquidation amount exceeded $175 million, with over $150 million in short-focused positions being liquidated. The largest single liquidation order was a $5.09 million transaction in the ETH/USDT trading pair on Binance.
Bitcoin Price Exceeds $64,000
Today, May 4th, Saturday, the price of Bitcoin (BTC) unexpectedly rose, reaching its highest level of the day at $64,540, despite it being the weekend and investors being in holiday mode. The trading volume showed an increase of over 15%.
However, with this jump to $64,000, millions of dollars in liquidations occurred in the cryptocurrency market. In total, over $175 million in liquidations were recorded. Of these, $150.10 million were from short-focused positions, while over $25 million in long-focused positions were closed.
What Do Total Liquidations Indicate?
The cryptocurrency exchange Binance maintained its leading position in the industry in terms of trading volume, standing out with $72.57 million in liquidations. This was followed by OKX with $61.59 million in liquidations. The most notable single liquidation order occurred on Binance, causing a $5.09 million liquidation in the trading pair of Ethereum against the USDT stablecoin.
This movement saw Bitcoin’s price move above the trend line that had been acting as resistance throughout the month. However, while confirmation of this breakout is awaited, traders entering long positions should be cautious due to the typical volatility of weekends. At the time of writing, Bitcoin is trading at $63,796.
What Awaits Bitcoin Investors?
It is indicated that Bitcoin could move towards $68,000, but achieving these levels also depends somewhat on improving investor sentiment. Cryptocurrency investors seem a bit frightened by the recent volatility.
Going forward, Bitcoin could potentially show an upward price movement, particularly dependent on interest rate cuts by the Fed. JPMorgan noted that the earliest rate cut could start in July, while the general sentiment in the market is that a cut in September is certain.
