The potential rally of the world’s first-ranked cryptocurrency Bitcoin (BTC) has influenced the other key metrics of the coin as well. The latest data shows when the price value of Bitcoin surged above $13,000 and recorded its new yearly high, an amount of more than $300 million in short positions got liquidated. Moreover, the open interest for the coin also reached a significant milestone after this price rally. Bitcoin’s bullish price rally also influenced the altcoins market as well.
Recently, Bitcoin reached its peak level of the current year by hitting $13,250. The coin seems to have made a huge recovery after facing a severe price crash in the mid of March because of the Coronavirus pandemic situation. It is currently strongly holding in the bullish zone.
However, the data shared by the cryptocurrency analytics platform Coinalyze shows that approximately $360 million in Bitcoin (BTC) short positions were liquidated when its price value skyrocketed to a new high. Apart from that, a significant surge was also observed in the open interest for Bitcoin as well. As per the data from Coinalyze, Bitcoin’s open interest also spiked above the $4 billion figure.
As Coinalyze reported:
“Price hit $13,250 – Open interest above $4 billion – One of the most intensive trading day over the last 5 months. $30 BILLION traded on [the futures] markets! – Shorts worth $360 million got liquidated.”
Bitcoin has been making attempts for starting a bullish rally for the past two months after it faced a price drop to $10,000. Since that price crash, the top-ranked digital currency has been trading stable in the $10k-$11k zone where it continued to consolidate for the duration of a few months. However, when the month of October started, the price of the coin started lifting up. It broke three key resistances in a row that stand at $12,000, $12.3k, and $12,500 respectively. After breaking these crucial price levels, it became easy for Bitcoin to reclaim its 2020 high.
Bitcoin is expected to continue its bullish rally in the coming weeks. At the press time, the price of BTC is standing at $13,050.78 USD with a change rate of 2.05 percent in 24 hours.