U.Today: The huge price increase of was not the most anticipated event, especially given the possible approval of the Ethereum ETF. However, with the latest news, we may see it sooner than expected. As sentiment turned from bearish to bullish, over $250 million in shorts were liquidated in less than 24 hours.
On the technical front, Bitcoin's recent move has broken key resistance levels, sending a strong signal to the market. The daily chart shows that Bitcoin successfully broke through the $67,000 mark, which acted as a significant resistance. This advance has set the stage for Bitcoin to target the $70,000 level, a milestone that could solidify its position in bullish territory.
The Ethereum chart reveals a similar story. The cryptocurrency has managed to break above its 50-day and 200-day moving averages, indicating strong bullish momentum. Trading volume has also seen a notable increase, suggesting growing investor interest and confidence in Ethereum's future prospects.
The impact of these price movements on the broader market has been profound. According to the data, short positions worth more than $250 million were liquidated as traders rushed to cover their positions amid the uptrend. This sell-off has added more fuel to the rally, pushing prices even higher.
Interestingly, liquidation data shows that the majority of these liquidations were short positions as, prior to the Ethereum ETF news, most of the market was heavily tilted towards bearish sentiment.
The chart provided indicates that in the last 24 hours alone, $328.73 million was liquidated, of which $267.06 million came from short positions. In its current state, the market may, in fact, gain momentum and enter the second phase of the 2024 bull market.
This article was originally published on U.Today.
