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Bitcoin (BTC) Suddenly Reclaims $65K, Shorts Getting Clobbered

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Tue, 19/03/2024 - 17:51
Bitcoin (BTC) Suddenly Reclaims $65K, Shorts Getting Clobbered
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The price of Bitcoin, the flagship cryptocurrency, has suddenly managed to reclaim the coveted $65,000 level. It surged to $65,460 earlier today before paring some recent gains. 

Despite the recent dip, the price of the leading cryptocurrency is up roughly 25% over the past 30 days. 

Massive liquidations 

According to data provided by CoinGlass, more than $46 million worth of short positions have been liquidated over the past four hours. Roughly $12 million worth of short positions have been wiped out in the span of a single hour. 

However, the bulls still suffered a much bigger blow compared to the bears over the last 24 hours ($489 million and $150 million, respectively). 

The single largest liquidation over the last 24 hours surpassed a whopping $12 million.

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Earlier today, the price of Bitcoin plunged to as low as $62,349, according to CoinGecko data. This coincided with Grayscale's Bitcoin exchange-traded fund GBTC recording bleeding $643 million in a single day, its biggest outflow to date. BlackRock and Fidelity also recorded rather underwhelming inflows, which shows that the excitement surrounding Bitcoin ETFs is starting to wane.  

Bulls vs. bears

Multiple Bitcoin bulls, including influencer Anthony Pompliano, were quick to dismiss the severity of the recent correction, arguing that such dips are normal for bull market cycles based on available historical data.  

With that being said, some believe that the Bitcoin price has already topped based on the behavior of miners and the performance of mining companies ahead of the upcoming halving event.    

At press time, the Bitcoin price is down 12% from its current all-time high of $73,737 which was achieved on March 14. 

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