With the impact of the PayPal news we covered today, the price of the leading cryptocurrency Bitcoin broke the key resistance. BTC passed the 35 thousand dollar level. On the other hand, this situation also led to the liquidation of long and short positions. Let’s look at the details.
Bitcoin price is fluctuating
The price of leading cryptocurrency Bitcoin surpassed the $35,000 mark for the first time since October 25. Accordingly, it has recently witnessed a rise in its price. This move created an instant bullish feeling in the market. However, this was followed by a sudden decline. These price fluctuations have resulted in a significant number of liquidations in the cryptocurrency space, totaling approximately $100 million in the last 24 hours.
After a period of relatively low volatility, Bitcoin price surged above $35,000. Accordingly, this situation reflected the cyclical nature of the cryptocurrency market. However, this excitement was short-lived. The price plummeted once again, underscoring the inherent unpredictability of digital assets.
Impact on liquidations
The rapid price change attracted attention in the cryptocurrency space. Accordingly, it has led to an increase in liquidations, which means the forced closing of positions when certain price levels are exceeded. According to data from CoinGlass, approximately $100 million worth of liquidation took place in the cryptocurrency market in the last 24 hours. This significant figure underlines the difficulties investors face in Bitcoin’s price fluctuations.
Bitcoin last reached the $35,000 level in late October, amid speculation about the potential approval of a spot Bitcoin Exchange Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC). According to various analysts and market watchers, a confirmation was expected to have a positive impact on the Bitcoin price.
Factors driving price movements
We mentioned above that the primary factor in price movement is PayPal. On the other hand, the upcoming halving event attracts attention. There is also increasing adoption and interest from institutional investors. All of these are believed to affect the price of Bitcoin. These factors, combined with regulatory developments and market sentiment, continue to shape Bitcoin’s price dynamics.
When we look at Kriptokoin.com, Bitcoin price attracted attention with its instant rise. On the other hand, the rapid decline underlines the ongoing volatility in the cryptocurrency market. The resulting liquidations amounting to approximately $100 million are remarkable. It’s a reminder of the challenges and opportunities investors face in the ever-evolving world of digital assets. On the other hand, Bitcoin continues to be affected by numerous factors. Accordingly, the coming weeks and months raise great curiosity about BTC’s journey.
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