ETF boom and short liquidation: when to expect Bitcoin at $70,000
On Wednesday, February 28, 2024, Bitcoin crossed the $60,000 mark for the first time in more than three years. The last time BTC climbed this high was in November 2021. From February 26 to 28, the first cryptocurrency grew by 20%, reaching the threshold of $64,000. What will happen after the correction has begun?
An important reason for Bitcoin's growth may be the increased number of liquidations. If on February 25 their total number was $13.78 million, then starting from January 26 the figure has consistently exceeded $100 million (February 28 has not yet passed, but the day is not over yet). The ratio of long liquidations to short ones is interesting. The latter mostly predominate. On February 26, the volume of liquidations of short positions turned out to be more than eight times greater than long ones ($97.63 million versus $11.93 million). February 27 doubled ($95.02 million versus $45.48 million). And on February 28, more than seven times in an incomplete day ($74.9 million versus $10.23 million). This information is provided by the Coinglass portal.
