The recent surge in Bitcoin (BTC) and Ethereum (ETH) prices has led to a substantial wave of liquidations in the crypto market, totaling over $260 million. This significant move was unexpected, especially in light of the potential approval of the Ethereum ETF, which has accelerated bullish sentiment across the market.
On the technical front, Bitcoin has managed to break through crucial resistance levels, setting a strong bullish tone. The daily chart shows Bitcoin surpassing the $67,000 mark, a significant resistance point, now aiming for the $70,000 milestone. This move is seen as a critical step in solidifying Bitcoin's position in bullish territory.
Similarly, Ethereum has experienced a notable rise, breaking past its 50-day and 200-day moving averages. This indicates a strong upward momentum, with increased trading volumes suggesting growing investor interest and confidence in Ethereum’s prospects. The price surge has pushed Ethereum to $3,600, further fueled by the anticipation of Ethereum ETF approval.
Source: Coinglass
The bullish trends in Bitcoin and Ethereum have had a profound impact on the broader crypto market. More than $250 million worth of short positions were liquidated in less than 24 hours as traders rushed to cover their positions amid the bullish trend. The liquidation data shows that the majority were short positions, with traders previously inclined towards bearish sentiment prior to the Ethereum ETF news.
In the past 24 hours, liquidation data indicates a total of $328.73 million was liquidated, with $267.06 million coming from short positions. This massive liquidation has added further momentum to the rally, pushing prices higher and potentially marking the beginning of the second phase of 2024's bull run.
The current state of the market suggests that the bullish momentum may continue, especially with the impending approval of the Ethereum ETF. This could lead to further price increases and sustained interest from both retail and institutional investors.
The recent surge in Bitcoin and Ethereum prices, driven by technical breakthroughs and speculative optimism around the Ethereum ETF, has led to significant market liquidations. This bullish shift could signal the onset of the next phase in the crypto bull market, with potential for further gains as investor confidence grows.
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