Bitcoin price liquidations hit $50 million as BTC crosses $30,000 for the first time in ten months
- Bitcoin price hits $30,000 on April 11 after spending 305 days beneath.
- This move comes after a tight three-week consolidation.
- This massive uptick in BTC has caused nearly $50 million in liquidations.
Bitcoin price has finally tagged $30,000, the second psychological level on its northbound journey. The $20,000 level was cleared recently in January 2023, roughly three months ago. This move in BTC to the upside has caused a total of $50 million in liquidations in the last four hours.
Read more: Assessing the possibility of Bitcoin price hitting $30,000 this week
Bitcoin price hits $30,000
Bitcoin price cleared the $30,000 hurdle on April 11, 2023, after an end to three weeks of consolidation. This move has caused nearly $50 million in liquidations. To be specific, April 11 has triggered a closure of $61 million in shorts and $3.31 million in longs.
BTC liquidations
As seen in the chart below, if this bullish momentum sustains, the next level for bulls to target is $32,687. Beyond this level lies two critical hurdles at $35,063 and $38,500. These resistance levels are key for Bitcoin price to restart the bull run.
BTC/USD 1-day chart
Invalidation of the bullish thesis will occur if Bitcoin price breaks the key support level at $24,736. In such a case, BTC could slide into the breaker, extending from $22,291 to $19,592.
Read more: Bitcoin Weekly Forecast: Breaking down key BTC levels to accumulate for Q2, 2023
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
