Bitcoin (BTC) rose above $78,000 to hit another 10-week high on Friday as cryptocurrency and stock markets reacted to cooling tensions during the US-Israeli war in Iran. The rally above the range highs also resulted in gigantic liquidation of leveraged Bitcoin positions.
More than $660 million in tiny positions were liquidated, with Bitcoin accounting for $353 million of that total. In second place was Ether (ETH) with $160 million in tiny liquidations.
Related: Three things Bitcoin needs to do to sustain highs above 76k dollars: Analysts
A total of $826 million has disappeared from the futures market in the last 24 hours.
The largest single liquidation occurred on Hyperliquid, where a $15.75 million BTC-USDT tiny position was closed.
Large clusters of tiny liquidations tend to escalate the scope of asset rallies, and data from CoinGlass showed a 13% escalate in the total open interest (OI) value of Bitcoin futures contracts over the last 24 hours.
Even though long (buyers) and tiny (sellers) positions always overlap, rising OI suggests greater leverage and market share, which in this case appears to be on the bulls’ side.
Hyblock data showed that Ask liquidity ranging between $77,500 and $78,000 was absorbed as BTC hit its intraday highs on Friday.
Bitcoin MACD Forecasts ‘Big Move’
Bitcoin’s Moving Average Convergence Divergence (MACD) indicator signaled buying on its weekly chart, a pattern that has preceded acute price increases in the past.
MACD is a popular momentum indicator used in technical analysis that helps investors determine the strength, direction and duration of an asset price trend.
The indicator has hit an all-time low and has formed a bullish cross on the weekly chart as shown in the figure below.
“Not only do we have a 1W MACD bullish cross and a trend break, but we have it from the lowest point that the MACD has ever fallen to” – Sykodelic analyst he said in the last post on X, adding:
“We are at a very important level here and weekly closure will be very important.”
The previous cases show that Bitcoin tends to spike when the MACD line (blue) crosses above the signal line (orange). The last time this happened was during the 2022 bear market nadir, which preceded a 376% escalate in the BTC price.
“Usually whenever there is a weekly bullish MACD crossover, there is a big move” – Mikybull Crypto Analyst he said in the last post on X.
Fellow analyst at The Chart Report he said to its supporters that previous crossovers “have historically delivered a 93% win rate with a median 12-month return of +195%.
Other Bitcoin analysts suggest that the altcoin could continue its rebound to retest higher resistance levels, with BTC price targets set at $90,000 and above.
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