Bitcoin Skyrockets Over $1K in Hours as Daily Liquidations Cross $110 Million

Bitcoin’s price has been relatively flat throughout the past few days, trading within a narrow range between $39K and $40K.

It managed to recover from the slump that it experienced on January 23rd, when the price dropped toward $38K, sending ripples throughout the entire market, followed by a consolidation.

Today, however, the BTC price has been recovering aggressively, appreciating by more than $1000 in the past couple of hours alone.

Source: CoinGecko

Interestingly enough, the surge came on the day when news broke out that the US government had been greenlighted to sell yet another batch of BTC related to the infamous Silk Road dark web marketplace.

The recent increase also sent the derivatives market into $110 million worth of liquidated positions. Some $70 million of that is short sellers.

It’s interesting to see if the newfound rally is sustainable and whether this will turn into continuation of the predominantly bullish momentum that we’ve seen in the past few months.

After all, the 2024 Bitcoin halving is slated to take place in April.

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