news.bitcoin.com
The price of bitcoin ($BTC) hit an intraday peak of $63,794 on Monday, reflecting a 2% gain against the U.S. dollar in the past 24 hours. Currently, $BTC is trading at $63,070 per unit. The day’s upward movement led to $124.64 million in crypto short and long liquidations, with bitcoin shorts comprising $49.85 million.
$49M in Bitcoin Short Liquidations as Resistance Hits
Bitcoin’s value against the dollar has climbed over the last day. By 2 p.m. EDT on Monday, $BTC surged to $63,794 before encountering resistance. Across the entire crypto market, $72.56 billion has been traded, marking a 54.07% increase in 24 hours. Approximately 38.21% of the total, or $27.73 million, comes from $BTC trades.
According to cryptoquant.com metrics tracking the premium in South Korea, there’s been a 1.8% to 1.5% premium on $BTC prices since June 28. Bitcoin is trading for $64,174 on Upbit, while the global average is $63,070. On July 1, the premium on Upbit and Bithumb is about 1.75%. The day’s oscillators and moving averages indicate a bullish trend.
Metrics from derivatives markets via coinglass.com indicate that $124.64 million in liquidations occurred across the entire crypto market. About $49.85 million worth of short positions against $BTC were wiped out. Approximately $27.17 million in shorts stemmed from ETH, and SOL shorts saw $6.75 million liquidated.
The largest single liquidation order occurred on Binance, resulting in a $BTC/USD liquidation order wiping out $4.39 million. In the past 24 hours, 37,533 traders across the entire crypto market were liquidated. After dropping to a low of $63,070 per $BTC, the leading crypto asset bounced back to $63,265 at 4 p.m. EDT, as a $63K floor begins to form. Whether this support level holds or $BTC climbs higher remains uncertain.
What do you think about bitcoin’s price action on Monday? Share your thoughts and opinions about this subject in the comments section below.