Key Points
- Bitcoin’s price has surged past $72,000 due to market volatility, leading to a spike in short liquidations.
- Analysts suggest further bullishness for Bitcoin due to factors such as the upcoming halving and the involvement of traditional finance players.
Bitcoin’s price experienced a significant rise, crossing the $72,000 mark. This increase was primarily driven by fluctuations in the market, resulting in considerable damage to short positions.
Data from Coinglass indicates that over $47 million in Bitcoin short liquidations occurred in the last 24 hours. In the broader cryptocurrency market, liquidations of over $152 million were reported during the same period, with short positions accounting for around $107 million.
Bitcoin’s Market Performance
The largest digital asset by market capitalization, Bitcoin, saw an increase of approximately 3.8% in the last 24 hours. The GM 30 Index, which represents a selection of the top 30 cryptocurrencies, also experienced a growth of 2.85% to 152.67 in the same period.
Analysts from QCP Capital suggest that several factors indicate potential bullishness for Bitcoin. One such factor is the upcoming Bitcoin halving slated for April 20. This event will reduce the rate of new Bitcoin generation.
Participation of Traditional Finance Players
QCP Capital analysts also highlighted the involvement of major traditional finance players like Citadel, Goldman Sachs, UBS, and Citi as Authorized Participants for Blackrock’s spot Bitcoin ETF. This participation is seen as another positive sign for Bitcoin’s future performance.
Bitcoin Ordinals Volumes on the Rise
An increase in activity in the Bitcoin Ordinals market also suggests potential bullishness for Bitcoin. Despite a decrease in NFT trading volume across major networks such as Ethereum and Solana, Bitcoin Ordinals volumes have seen an increase, led by offerings like NodeMonkes and Pups.
Bitcoin Ordinals have seen the largest gains in the past seven days when looking at NFT collection rankings by sales volume. The past week saw a 51% increase in sales in the Uncategorized Bitcoin Ordinals batch, while NodeMonkes experienced a 65% rise.
The Bitcoin Ordinals market can be used as an alternative to gain exposure to Bitcoin’s rise without resorting to futures products or leverage. The increased trading activity in Ordinals suggests that some traders are anticipating a Bitcoin rally.
