Bitcoin’s 61-Day Streak Above $60K Threatened, $271M in Liquidations as BTC Nears Critical Threshold

Bitcoin (BTC) fell to a Tuesday low of $59,629 on Apr. 30, but swiftly recovered, surpassing the $60,000 mark. To date in 2024, BTC has successfully ended the day above $60,000 for 61 days. A closure below this level would end its longest-recorded streak above this price point. Data reveal that spot trade volumes on numerous centralized exchanges were reduced in April compared to March. Specifically, trading volumes for bitcoin and ether alone have significantly declined since mid-April.

By 10:40 a.m. Eastern Time on Tuesday, BTC managed to climb back above the $61,000 range.

Currently, BTC is trading between $60,450 and $60,950 as of 9:30 to 10:30 a.m. Eastern Time on Apr. 30, 2024. It has contributed approximately $31.43 billion to the total $89 billion global trade volume recorded across the entire crypto economy in the last 24 hours. Ether transactions account for about $16.2 billion of this total. Recent data on derivatives liquidations show that $271 million in positions were eliminated yesterday.

In total, 95,167 traders faced liquidation, with the majority—$212.4 million—comprising long positions, and $60.58 million in short positions. Of the long positions, $83.78 million were in ETH, while $66.61 million were tied to BTC-centric bets. As the crypto economy navigates through these choppy waters, the enduring demand for bitcoin, coupled with the strategic movements of traders, suggests a cautious optimism in the face of current market uncertainties. The close of the month may prove crucial in determining the trajectory of its long-standing price stability.

In a communication to Bitcoin.com News, Etoro market analyst Simon Peters observed that “crypto price movements were fairly muted last week.” He also pointed out that BTC prices have retreated following net withdrawals from spot bitcoin exchange-traded funds (ETFs). “We’re still waiting for any significant volatility post-halving, however, the longer price stays around these levels, holding above the $60,000 mark, the stronger the narrative could become that support has formed and a move to the upside is more likely,” the analyst remarked.

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