Bitcoin Reclaims $70K After Recent Dip
In the last 24 hours, Bitcoin has engineered a notable comeback, reclaiming the $70K threshold after its recent bearish performance. Notably, BTC crashed to a low of $64,559 on April 3 but has rallied by over 10% to re-enter the $70K territory within the last 24 hours.
Shorts Suffer Losses as BTC Surges
In the past 24 hours, Bitcoin has staged a notable comeback, reclaiming $70K after a recent dip to $64.5K. Short traders swiftly leveraged the uptick to open positions, betting against BTC’s performance.
Market Watcher Ali Martinez’s Insight
Prominent market watcher, Ali Martinez, has called attention to this trend in a recent update. Martinez emphasized the substantial capital at risk of loss should Bitcoin recover swiftly from the new retracement.
Bitcoin Liquidation Risk Highlighted
Citing data from derivative market tracking platform Coinglass, the analyst disclosed the potential liquidation amount from Bitcoin traders should the asset rebound to $70,875.
Bitcoin Shorts Count Losses as BTC Peaks
Bitcoin has witnessed a sustained uptrend to an intraday peak of $72,700. Bitcoin shorts have been counting their losses as the asset has continued to hold steady around the $72K region at the time of reporting.
Bitcoin Traders Face Significant Losses
Coinglass data suggested that in the past 24 hours, 51,087 traders have lost $171.57 million to liquidation. Of this figure, BTC shorts suffered over $63 million in loss.
Current Liquidation Trend and On-Chain Data
Notably, the current liquidation trend against Bitcoin short sellers may likely endure, as on-chain data suggests that Bitcoin’s bulls have the upper hand amid flows into ETFs and the upcoming halving.
