Crypto Market Sees $900 Million in Liquidations; Bitcoin Surges Over 4%
Bitcoin and the broader crypto market have experienced a surge, resulting in nearly $900 million in liquidations within 24 hours. Key points include:
- Over $800 million from short liquidations as Bitcoin price rose by 4.5% to over $102,000.
- Ethereum's price increased by 17%, leading a strong recovery among altcoins.
Bitcoin Price Rally
The rally followed the announcement of a trade deal between the US and UK. Bitcoin surpassed $100,000 and currently trades above $103,000, regaining a market cap of $2 trillion. Key support remains at $100,000, with target levels at $106,000, $108,000, and beyond $109,000.
Ethereum's Performance
Ethereum has broken out of its downtrend, reaching $2,200, leading to over $750 million in short liquidations. Analysts anticipate a potential rise toward $3,840 following a confirmed breakout from a descending broadening wedge pattern.
Other altcoins also showed positive momentum:
- Dogecoin and Cardano gained more than 10%.
- Solana, Binance Coin, and XRP each rose by at least 7%.
The overall crypto market is strengthening as trade war fears diminish and the US economy appears robust.