The Bitcoin price surged to nearly $66,000 on Tuesday, causing over $200 million in liquidations across the crypto market. If Bitcoin reaches $72,400, it could trigger $19 billion in short liquidations.
Data from Coinglass shows $65.2 million in Bitcoin derivatives were liquidated in the past 24 hours, with $34.8 million in short positions. Major liquidations occurred on OKX and Binance.
Analysts believe Bitcoin’s recent rally signals the end of its downtrend, with potential for further gains. Crypto analyst Rekt Capital noted that crossing $65,000 could push Bitcoin into a new price range up to $71,500.
Despite concerns over Mt. Gox’s 13K BTC transfer impacting the market, Cryptoquant CEO Ki Young Ju downplayed fears. He highlighted that even a $3 billion sale would only represent 1% of the realized cap increase in this bull cycle.
This event underscores Bitcoin’s resilience and the potential for significant market movements, offering strategic value for investors eyeing long-term trends.
