Bitcoin’s Price Touches $71,000, Shorts Liquidated

As a researcher with experience in the cryptocurrency market, I’m closely monitoring the latest developments in Bitcoin’s price movements. The recent surge to around $71,000 is an exciting development, but it also comes with significant risks.

As a crypto investor, I’m thrilled to see Bitcoin regaining momentum and hitting new heights once more. Currently priced at around $71,000, this is the highest Bitcoin has been in the last two weeks, and it’s just shy of its all-time high, which was reached during the quadrennial halving event back in April.

According to CoinMarketCap’s latest report, Bitcoin’s current price hovers around $70,900 with a growth of approximately 3% over the previous 24-hour period.

Bitcoin’s Price Touches $71,000, Shorts Liquidated

In the past 24 hours, a price surge led to approximately $27 million being forced out of bitcoin investors’ positions. Simultaneously, around $87 million was forfeited due to liquidation events in the larger Bitcoin market.

Based on data from Coinglass, approximately half of the total cryptocurrency liquidations amounted to around $50 million, which were linked to short positions.

The research published by QCP Money on Tuesday asserts that the introduction of traditional money access for the first time is expected to keep the price of Bitcoin afloat, reaching a peak of $71,000 in the New York trading session.

Despite the findings from Glassnode’s market analysis on Tuesday, it appears that long-term Bitcoin owners, defined as those holding coins for between three months and three years, are increasing their selling activity.

“This group is likely to be more motivated to increase their sales as prices rise, thereby enhancing their current profit that hasn’t been realized yet,” the study suggested.

Approximately 99.97% of long-term Bitcoin holders experienced a profit after the cryptocurrency surpassed $68,000 within the past 24 hours, as per Glassnode’s data.

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2024-06-04 23:16