On April 7, Bitcoin, the leading cryptocurrency, briefly soared to $72,767, the highest level since March 18.
The leading cryptocurrency is now up by more than 5% this month after recording its first green month in five consecutive months of bleeding.
Total liquidation data
Over the past 24 hours, the cryptocurrency market experienced a massive volatility event that wiped out 120,386 traders. This has resulted in nearly $596 million in total liquidations.
The data reveals a brutal short squeeze, with bears bearing the absolute brunt of the market action.
Short liquidations accounted for $427.25 million of the daily total, completely eclipsing the $168.75 million in long liquidations.
Binance has captured nearly 30% of the total liquidation volume over the past several hours. Bitget and Gate followed, capturing about 19% and 15% of the volume, respectively. Hyperliquid stands out with a punishing 81.42% of its liquidations hitting short positions.
In the meantime, a whale has opened a massive "long" position on both Bitcoin and Ethereum.
The whale used 20x leverage, meaning that the trade is incredibly risky and shows extreme conviction.
If the market goes up 1%, the whale makes a 20% profit on their initial collateral.
All eyes on $80,000
However, despite the geopolitical detente, bulls are not out of the woods just yet.
The bulls are now eyeing the pivotal $80,000 level for the cryptocurrency to finally reclaim bullish momentum after weeks of underperformance.
Analyst Fred Krueger is convinced that BTC could reclaim the $80,000 level as soon as this week.
Andre Dragosch, Bitwise's European head of research, believes that the market will likely switch from bear to bull market psychology with a sustainable break above $80,000.
Dan Burgin
U.Today Editorial Team
