The highest ever liquidations were registered, where-in more than 400K traders liquidated their Bitcoin futures positions
Interestingly, Binance recorded more than $1 billion bitcoin longs liquidation due to which crypto market experienced another batch of liquidation
The bitcoin plunge is expected to slow down and recover in the coming hours.
On Wednesday, a sudden Bitcoin “flash crash” made BTC prices drop nearly $2000 in five minutes, promoting a wave of liquidations. The drop from $59350 to $57000 on an otherwise quiet day in crypto markets unexpected.
Long traders were hurt by the flash crash. Long positions worth $600 Million were liquidated during the crash, which lasted just over an hour. The crypto markets lost $1 Billion in the 24hr period leading up to the crash’s end.
However, BTC picked up its pace approximately after 3 hours of the flash crash. It is currently trading at $57905.28.
Will Bitcoin Price surge above $60K ?
Now, there is a question of whether Bitcoin will rise above $60K in April, and many analysts and traders seem to believe it is possible. However, the road ahead for the next few days is a little hazy.
According to Quant Analyst Plan B’s tweet, the crash helped to eliminate unnecessary leverage in the markets, which may have been beneficial to Bitcoin in the long run.
His tweet read
“Beautiful stop loss hunting…again”, “now that all leveraged longs have been liquidated, we finally crack the $60K barrier in April,”.
Popular trader Micheal Van De Poppe also tweeted opining that it has become a common occurrence for Bitcoin on short timeframes.
Adding fuel to the sentiment, A report by Finance Magnets says, Bitcoins next ‘points of interest’ will be $73000 and $92000. If the price breaks past its current all-time high of about $61000.
With analyst’s bullish prediction and frequent market volatility, Bitcoin’s price trajectory is going to be interesting to watch out for.