Crypto Liquidations Top $75 Million As Bitcoin Tests $70,000 For the First Time in April

Bitcoin reclaimed above the $70,000 psychological level on Monday, testing levels last seen in March.

The move caught traders off-guard, especially the naysayers, blowing tens of millions in positions out of the water.

Bitcoin Briefly Tests $70,000, Liquidates Over $70 Million Short Positions

The move above $70,000 lasted only briefly, with the pioneer crypto trading for $69,743 as of this writing after recording an intra-day high of $70,283 on the Binance exchange.

The move was abrupt, blowing out $71 million in short positions while nearly $4 million in positions were also liquidated. Total liquidations in the last hour reached $75 million.

According to data from Coinglass, 85,506 traders were liquidated over the past 24 hours, with total liquidations totaling $324.83 million.

The move above $70,000 inspired bullish bets among Bitcoin traders, as the Weighted Volume Profile Pivot Points (WVPPP) indicator showed a strong bullish signal above the $70,000 psychological level.

Looking at the above 4H BTC/USDT chart with the WVPPP indicator, above $70,000, the WVPPP bars thin out dramatically. Buy-side dominance runs 70–80% at current levels near $70,283, but participation drops fast above $70,500.

The $70,500–$71,500 range is a low-volume gap with minimal resistance. Sellers only clustered near the $71,961 high. Thin air fast moves likely in either direction.

The post Crypto Liquidations Top $75 Million As Bitcoin Tests $70,000 For the First Time in April appeared first on BeInCrypto.

Source: https://beincrypto.com/crypto-liquidations-top-75-million-as-bitcoin-tests-70000-for-the-first-time-in-april/