Bitcoin kicked off the week with a strong surge. The price jumped 6.9% in just eight hours. Short liquidations fueled this rise, creating excitement in the market. Traders moved Tether and other stablecoins to exchanges, adding to the buying frenzy.
Around 15:35 UTC on Monday, Bitcoin crossed $66,000. This marked the first time it reached this level since late September. Santiment reported a wave of short liquidations helped push Bitcoin’s price higher. As short positions closed, buying pressure intensified. This spike in volume led to Bitcoin’s highest trading activity in two weeks.
DeFi liquidations for Bitcoin hit their second-highest level in over three months. The last time such liquidations occurred, Bitcoin experienced a 20-day price rally of 29%. Similar patterns often precede a market bounce.
BitMEX Reports Mild Liquidations as Bitcoin Continues to Climb
BitMEX also saw short liquidations, but these quickly faded as prices climbed. Many traders feel optimistic. They eye a potential breakout towards $70,000. Call options in the $70,000 to $75,000 range reached their highest level since early August.
Open interest for Bitcoin continues to rise alongside the price. This trend shows that many traders are bullish. Long positions outnumber short positions. This could indicate a healthy market where bulls and bears compete. Bitcoin is nearing key resistance levels.
As it flirts with $70,000, traders anticipate changes in funding rates on exchanges like Binance and BitMEX. These rates can shift quickly during strong price movements. Traders watch for signs of sustained momentum. If the upward trend continues, Bitcoin could reach its all-time high of $70,000 set on March 14.
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