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Bitcoin Bulls Advance Price, Face Resistance at $64K

The price of bitcoin (BTC) hit an intraday peak of $63,794 on Monday, reflecting a 2% gain against the U.S. dollar in the past 24 hours. Currently, BTC is trading at $63,070 per unit. The day’s upward movement led to $124.64 million in crypto short and long liquidations, with bitcoin shorts comprising $49.85 million.

$49M in Bitcoin Short Liquidations as Resistance Hits

Bitcoin’s value against the dollar has climbed over the last day. By 2 p.m. EDT on Monday, BTC surged to $63,794 before encountering resistance. Across the entire crypto market, $72.56 billion has been traded, marking a 54.07% increase in 24 hours. Approximately 38.21% of the total, or $27.73 million, comes from BTC trades.

BTC/USD via Bitstamp. The price hit an intraday high at $63,794 at 2 p.m. EDT on Monday.

According to cryptoquant.com metrics tracking the premium in South Korea, there’s been a 1.8% to 1.5% premium on BTC prices since June 28. Bitcoin is trading for $64,174 on Upbit, while the global average is $63,070. On July 1, the premium on Upbit and Bithumb is about 1.75%. The day’s oscillators and moving averages indicate a bullish trend.

Metrics from derivatives markets via coinglass.com indicate that $124.64 million in liquidations occurred across the entire crypto market. About $49.85 million worth of short positions against BTC were wiped out. Approximately $27.17 million in shorts stemmed from ETH, and SOL shorts saw $6.75 million liquidated.

The largest single liquidation order occurred on Binance, resulting in a BTC/USD liquidation order wiping out $4.39 million. In the past 24 hours, 37,533 traders across the entire crypto market were liquidated. After dropping to a low of $63,070 per BTC, the leading crypto asset bounced back to $63,265 at 4 p.m. EDT, as a $63K floor begins to form. Whether this support level holds or BTC climbs higher remains uncertain.

What do you think about bitcoin’s price action on Monday? Share your thoughts and opinions about this subject in the comments section below.

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