Bitcoin, the largest cryptocurrency by market capitalization, climbed back above $70,000 on April 11 , causing massive liquidations across derivatives markets.
BTC price rose rapidly from an opening at $69,198 during the start of the European trading session on Wednesday, April 10, to an intraday high of $71,138 on April 11, according to data from CoinMarketCap.
At the time of writing, Bitcoin was trading at $70,852, up 2.17% over the last 24 hours.
TradingView chart: BTC/USD on the daily timeframe
BTC's daily trading volume has jumped 11% over the same time frame to $37.6 billion. With this performance, Bitcoin's market cap has increased to $1.399 billion, reinforcing its position as the most valuable cryptocurrency in the world.
BTC's climb above $70,000 has resulted in a number of leverage positions being liquidated across the crypto market. According to data from Coinglass, more than $204.44 million has been liquidated — $108 million of these being long liquidations over the last 24 hours. Over $45.62 million short position BTC liquidations have been experienced over the last 24 hours, with the daily tally continuing at the time of publishing.
Total crypto liquidations. Source: Coinglass
The largest single liquidation order occurred on Binance for the BTC/USD pair valued at $7.72 million.
Traders and analysts are evidently elated by Bitcoin's recovery as the price finally broke through the resistance at $70,000.
Crypto trader and X user Ali spotted Bitcoin trading above $70,000 and said it would likely cross above $85,000 over the next few days if the support at $70,800 holds.
Crypto trader and educator Daan Crypto Trades shared the following chart on X, saying BTC is "$71.5K important to break and hold above. Then those all time highs should be a matter of time."
BTC price chart. Source: Daan Crypto Trades
The pioneer cryptocurrency was trading within a rounded bottom chart pattern on the four-hour chart (see below). The moving averages are trailing the price, and the relative strength index (RSI) runs within the positive region at 59.98. This suggested that the market conditions still favoured the upside.
TradingView Chart: BTC/USD, 4H
The bulls will now try to push the price above the neckline of the prevailing chart pattern at $72,503. A daily candlestick close above this level would confirm a bullish breakout from the governing chart pattern. The key levels to watch on the upside would be the psychological level at $75,000 and, later, the technical target of the prevailing chart pattern at $76,780. This would bring the total gains to 8%.
On the downside, the bears would try to pull the price below the rounded bottom chart pattern, with the 50-day exponential moving average at $69,338 providing the first line of defense.
Lower than that, the price could drop to the 100-day EMA at $68,762 and later to the bottom of the pattern at $60,771.
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