The bear market rally that perplexed much of the crypto industry continued into the weekend as Bitcoin (
$110,171.00 ) hit $23,230 for the first time since August 2022. Bitcoin ( $110,171.00 ) is now up 50% from its local low of $15,400.
Source: TradingView BTC-USD
Bitcoin ( $110,171.00 ) has moved into a leading position among global assets outperforming major asset classes. In addition, 2023 has seen growth across multiple sectors as inflation begins to cool off. Since November lows, gold and the S&P500 are up 19% and 13%, respectively.
Over the past 24 hours, markets have witnessed over $387 million in crypto liquidations, the majority involving BTC and ETH for a total of $165 million.
Total liquidations / Source: Coinglass
Short positions throughout this bear market rally have dominated liquidations. However, that is not to say long positions have been entirely safe. As Bitcoin ( $110,171.00 ) continues to rally, frequent retracements at key resistance levels have caught bulls off guard. For example, on Jan. 18 and Jan. 21, BTC longs were liquidated for over $30 million.
BTC liquidations / Source: Coinglass
Ethereum (
$0.00 ) has seen a similar performance to Bitcoin ( $110,171.00 ) throughout 2023 as it jumped to $1,647 from a low of $1,074 in November following the FTX collapse.
At the time of press, Bitcoin ( $110,171.00 ) is ranked #1 by market cap and the BTC price is up 8.87% over the past 24 hours. BTC has a market capitalization of $445.52 billion with a 24-hour trading volume of $37.46 billion. Learn more ›
BTCUSD Chart by TradingView
Bitcoin ( $110,171.00 ) On-Chain AnalysisMarket summary
At the time of press, the global cryptocurrency market is valued at at $1.05 trillion with a 24-hour volume of $71.97 billion. Bitcoin ( $110,171.00 ) dominance is currently at 42.38%. Learn more ›
