Bitcoin eyes six-month winning streak amid $300 million in BTC liquidations

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In a wild 24-hour ride, Bitcoin’s value underwent a rollercoaster of fluctuations, skyrocketing to a peak of $64,000, subsequently plunging to $59,000, before making a recovery to above $60,000.

BTCUSD Bitstamp: (Source: Trading View)
BTCUSD Bitstamp: (Source: Trading View)

This climb triggered a wave of liquidations, totaling roughly $800 million in the digital asset ecosystem, according to Coinglass. During Bitcoin’s ascent, short positions were battered, while then long positions got liquidated due to Coinbase’s technical snag.

Total Liquidations: (Source: Coinglass)
BTC Total Liquidations: (Source: Coinglass)

According to Coinglass, the $300 million liquidation in Bitcoin, split between roughly $200 million shorts and $100 million longs, represents the largest short liquidation event in the past three months.

Looking beyond the tumultuous 24 hours, Bitcoin continues its upward trend, notching a 44% gain in February alone. If the momentum holds through the last day of the month, Bitcoin will close with six consecutive months of gains – a monthly performance not seen since December 2020, according to Coinglass.

BTC Monthly Returns: (Source: Coinglass)
BTC Monthly Returns: (Source: Coinglass)

The post Bitcoin eyes six-month winning streak amid $300 million in BTC liquidations appeared first on CryptoSlate.

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