Bitcoin Soars 354% in 24 Hours Amidst Epic Liquidation Imbalance

In the last 24 hours, Bitcoin (BTC) has experienced a significant imbalance in liquidations between long and short positions in the perpetual futures market. Data indicates that total liquidations in derivatives for this leading cryptocurrency surpassed $4.82 million during this time.

Notably, a staggering 78% of these liquidations, amounting to $3.76 million, originated from long positions. This surge in liquidations appears to be driven by bullish investors eager to benefit from a potential price increase.

Yesterday, Bitcoin exhibited promising momentum, briefly exceeding $62,000 per BTC, which sparked optimism about the possibility of reaching a new all-time high. However, the market swiftly reversed course. Instead of a breakout, the cryptocurrency faced a series of downward price movements. Although this didn’t lead to a significant decline, it triggered a notable wave of long liquidations.

### Bitcoin (BTC) Price Outlook

As bulls and bears engaged in a battle for dominance over Bitcoin, the price of this leading cryptocurrency remained mostly around the $62,000 mark. After hitting a low of $60,700, BTC’s performance has left traders in a state of uncertainty, with $53,000 and $66,000 being considered key levels for the near future. Currently, bulls seem to be gaining the upper hand, having pushed prices up by over 3% thus far.

Is another attempt at achieving a new all-time high possible? Recent price movements suggest that it is indeed likely. However, substantial steps still need to be taken, starting with bulls needing to defend a weekly close above $60,700, push to $66,000 per BTC, and maintain that position for an additional week.