Over $175 million in total liquidations as Bitcoin price reclaims $64K
- Bitcoin price has breached $64,000 threshold as trading volume rises by over 15%.
- Total liquidations went passed $175 million as more than $150 million shorts were blown out of water.
- Binance saw most liquidations with largest single liquidation order being $5.09 million for ETH/USDT trading pair.
Bitcoin (BTC) price shattered the $64,000 threshold on Saturday, May 4, recording an intra-day high of $64,540 as of 11:30 a.m. GMT. Trading volume is up by over 15% despite expected weekend lull when traders take time off.
Millions in liquidations as Bitcoin price reclaims $64,000
In the aftermath of Bitcoin price shattering the $64,000 threshold, over $175 million in total liquidations was recorded in the cryptocurrency market. Out of these, $150.10 million comprise short positions while over $25 million longs were rekt.
Total liquidations
Binance exchange, the largest platform by trading volume metrics recorded the most liquidations at $72.57 million, followed by OKX at $61.59 million. The largest single liquidation order was witnessed on Binance, where up to $5.09 million went down the drain for the Ethereum trading pair against Tether (USDT) stablecoin.
Interestingly, the move saw Bitcoin price break above month-long trendline that acted as resistance. With the breakout pending confirmation, traders looking to long BTC should exercise caution because of expected weekend volatility.
Let’s see if King #Bitcoin can continue UP☝
— Dominic Frei (Freistyle Bali Crypto) (@Freistyle_Bali) May 4, 2024
At the time of writing, Bitcoin price is trading for $63,781.
BTC/USDT 1-day chart
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
