Odaily Planet Daily reports that Coinglass data shows approximately $50.26 million in liquidations across the entire network in the past hour, including about $30.54 million in BTC liquidations and about $10.74 million in ETH liquidations.
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Cryptocurrency Overview
BTC (+7.17% | Current Price 72,443.1 USDT)
Bitcoin surged over 7% on Wednesday, driving the total market capitalization of the crypto market back above $2.5 trillion, with a daily increase of approximately 5.5%. This rebound was mainly driven by short squeeze. Previously, influenced by the Iran situation, the market experienced a concentrated sell-off, and the funding rate for Bitcoin perpetual contracts briefly dropped to extremely low levels. As geopolitical risks did not further escalate, funds that had previously taken bearish positions began to close their positions, leading to a rapid price rebound. Vetle Lunde, Head of Research at K33 Research, pointed out that Bitcoin's weekly RSI once dipped to 26.84, marking the third-lowest oversold level in history, providing technical support for the rebound.
ETH (+8.36% | Current Price 2,111.66 USDT)
On Wednesday, Ethereum
GateResearch3m ago
Analyst: Bitcoin's new rally is gaining strong momentum, driven by favorable policies and institutional demand
Analyst Owen Lau pointed out that the cryptocurrency market is experiencing a strong rally, especially with Bitcoin breaking through $73,000, related to improved U.S. regulatory environment and active institutional investors. Increased regulatory transparency attracts institutional investment, and crypto assets are gradually integrating into the mainstream financial system. Despite high market volatility, if the trend continues, it may signal the early stages of a recovery, offering long-term investment opportunities. Investors should pay attention to policy developments and capital inflows.
GateNews8m ago
Analysis: Bitcoin approaches the two-year critical "bull-bear dividing line" range; whether it breaks through or not may determine the future market direction.
Bitcoin rose approximately 10% this week, breaking through $72,000 and approaching the key price range of $73,750 to $74,400. If it successfully breaks through, a new upward trend will begin; if not, the decline since October last year may continue. Traders should pay attention to the subsequent developments.
GateNews8m ago
Analyst: The indicator resonance shows that the market rebound is not caused by short squeeze, but rather a sign of structural transformation
Independent analyst Axel Adler pointed out that the Bitcoin market systemic indicator has recovered from the year's low of -47 to +0.98, indicating a rapid rebound. He believes that maintaining prices above $70,000 and normalizing funding rates will be key factors for a bull market. Recently, the price structure and systemic indicator have aligned for the first time, suggesting a possible structural shift.
GateNews8m ago
