$70,000 worth of Bitcoin (BTC) and $3,600 worth of Ethereum (ETH) push liquidation to $260 million

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U.Today – The massive price escalate wasn’t the most anticipated event, especially considering the potential approval of an Ethereum ETF. However, thanks to the latest news, we may see it sooner than expected. As sentiment changed from bearish to bullish, over $250 million worth of miniature positions were liquidated in less than 24 hours.

From a technical perspective, the recent move has broken through key resistance levels, sending a powerful signal to the market. The daily chart shows that Bitcoin successfully crossed the $67,000 mark, which was a significant resistance. This breakthrough set the stage for Bitcoin to reach $70,000, a milestone that could cement its position in bullish territory.

The Ethereum chart shows a similar story. The cryptocurrency managed to break its 50-day and 200-day moving averages, indicating powerful upside momentum. Trading volume also saw a significant escalate, suggesting growing investor interest and confidence in Ethereum’s future prospects.

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The impact of these price changes on the broader market was profound. According to the data, miniature positions worth more than $250 million were liquidated as investors rushed to cover their positions amid the bullish trend. This massive liquidation added fuel to the rally, sending prices higher still.

Interestingly, the liquidation data shows that most of these liquidations were miniature positions, as most of the market was highly bearish prior to the Ethereum ETF news.

From the chart provided, USD 328.73 million was liquidated in the last 24 hours alone, of which USD 267.06 million came from miniature positions. As it stands, the market may actually gain momentum and enter the second phase of the bull market in 2024.

This article was originally published on U.Today

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