Bitcoin Reaches All-Time High at $71,000

The bullish camp made a comeback in the Monday morning trading session in Europe, propelling Bitcoin into a new price discovery phase. At the time of writing, BTC is hovering around $71,000 on multiple exchanges, establishing an all-time high. On that day, the cryptocurrency experienced a 3% increase, coupled with a weekly surge of 11.3%.

This momentum triggered the liquidation of leveraged positions amounting to approximately $50 million, with $44 million attributed to short selling. Data from CoinGlass indicates that the majority of the liquidation activities took place on OKX.

This significant milestone occurs as the cryptocurrency market continues to attract widespread attention and substantial investments from both retail and institutional investors, particularly following the approval of a series of Bitcoin ETFs in January. Before reaching this new peak, Bitcoin recorded its highest weekly candle close at $69,062 on Bitstamp. Meanwhile, the second-largest cryptocurrency, Ethereum, recently surpassed the $4,000 threshold.

Data from CoinGlass reveals that, amid recent price fluctuations, the market has witnessed a significant liquidation event, reaching a total value of $336.22 million in just the past 24 hours. The majority of this liquidation stems from unwinding long positions, totaling $224.73 million. Meanwhile, short positions make up the remaining portion, with a total value of $111.49 million.

In a short time frame, the total liquidation value in the market surged to $39.68 million, indicating high volatility in the cryptocurrency market throughout the day. Short positions played a substantial role in this figure, contributing a total value of $37.65 million, while long positions amounted to only $2.03 million.

Related: Bitcoin to Continue Surging as Supply Nears Depletion

Over the past four hours, OKX has led the exchanges in terms of liquidation, with a total value reaching $19.95 million. Within this total, $2.99 million belongs to long positions, while $16.96 million is attributed to short positions, constituting 85.03% of the overall liquidation. Following closely, Bitmex recorded a total liquidation value of $8.71 million, entirely from short positions. Lastly, Binance observed a total liquidation value of $6.74 million, comprising $2.12 million from long positions and $4.63 million from short positions.