Bitcoin (BTC) price entered into a defined recovery mode as the world’s leading cryptocurrency recorded liquidation worth $209 million within the last 24 hours.
According to CoinGlass data, the majority of Bitcoin price liquidation was from the short position, around $105 million, while the long position accounted for the rest. In the short term, repurchasing their positions would result in a higher price increase. The wipeout of short position came as Bitcoin plummeted from its all-time high of $73,750.
Additionally, Coinbase Pro has lost nearly 58,000 BTC over the last 30 days. The Bitcoin drain resulted in a notable rebound in the cryptocurrency’s price recently, as scarcity increased due to the supply shock.
As a result, the BTC price hovered around $67,000, having recovered from a low of $60,000.
However, as of the time of writing, Bitcoin’s market price has increased by 5.5% to trade at $70,060.
Meanwhile, Bitcoin’s drain from exchanges continues. Within the last 24 hours, Binance saw withdrawals of $5.97 million, followed by OKX witnessing a drain of 5.78 million per CoinGlass data.
The recent approval of multiple Bitcoin ETFs by the US Securities and Exchange Commission (SEC) has increased market confidence and draw in new capital. As a result, the performance of these ETFs is now closely monitored to gauge the overall sentiment of the Bitcoin market.
In a recent report, last week marked the first time in two months that the crypto market saw net outflows from spot bitcoin ETFs. Outflows have been focused on the Grayscale Bitcoin Trust (GBTC). Analysts speculated in a recent Coinbase report that the pressure to sell GBTC last week may have been brought on by Genesis Global Holdco LLC’s potential sale of 35.9 million shares, valued at approximately $2 billion.
Furthermore, the Bitcoin halving event anticipated to take place in April is also expected to impact Bitcoin’s price. These events, which slow down the production of new Bitcoin units historically result in supply shortages and subsequent price increases. Many analysts think that the halving will make Bitcoin scarce, which will lead to a long-term price increase and a positive outlook for investors.
In light of the rebound expectations, experts like Robert Kiyosaki has a Bitcoin price projection of $300,000 by the end of 2024.
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