• Bitcoin price shoots to $35,000 amid BlackRock’s ETF entry on Nasdaq leading to big short liquidations.
• Notably, Bitcoin-linked futures contracts accounted for nearly half of the $400 million in cryptocurrency liquidations, while Ether futures only saw $50 million in liquidations.

The world’s largest cryptocurrency Bitcoin (BTC) gave a surprise move gaining 12 percent today and moving to $35,000, hitting its new high for the year 2023. The latest price surge comes on the growing hopes of the upcoming spot Bitcoin ETF approval. At the same time, the US court also asked the SEC to review the Grayscale Bitcoin ETF application.

The recent price rally has led to major short-liquidations in the market. Over the last 24 hours, bearish wagers on Bitcoin (BTC) have incurred losses of more than $178 million as BTC prices surged beyond a crucial resistance level. According to data, Bitcoin-linked futures contracts contributed to nearly half of the total $400 million in cryptocurrency liquidations on Monday, while Ether futures recorded only $50 million in liquidations across long and short positions.

Liquidation is a process where an exchange forcibly closes a leveraged position held by a trader because of either a partial or complete loss of the initial margin. It occurs when a trader is unable to fulfill the margin requirements for a leveraged position.

Liquidations totaling $50 million were observed on each of the cryptocurrency exchanges Binance, Huobi, and OKX, highlighting significant leverage employed on these platforms. The most substantial individual liquidation took place on Binance, involving an order with a value of $10 million.

The surge in the cryptocurrency market was attributed by crypto communities and analysts to the ticker registration of BlackRock’s spot Bitcoin ETF. This ETF is currently under consideration by the U.S. Securities and Exchange Commission (SEC).

Will the Bitcoin Price Rally Continue?

Bitcoin effortlessly surpassed the $30,000 milestone. Present on-chain data from IntoTheBlock indicates that 80% of Bitcoin holders are currently in a profitable position, a situation reminiscent of the bullish peak in 2021.

As Bitcoin advances toward $40,000, there are no significant potential on-chain barriers. Also, the $30,000 level might serve as robust support if a retracement occurs.

Additionally, a notable 27 percent surge (over the last 30 days) is observed in the quantity of Bitcoin held by short-term investors, a common occurrence during bullish phases when both short-term traders and newcomers are actively acquiring Bitcoin amid its upward momentum.

Bitcoin has established a formidable support zone spanning from $25,000 to $30,000. According to the UTXO Realized Price Distribution (URPD) model, the next critical resistance levels for Bitcoin ($BTC) appear to be $38,440 and $47,360, reports popular analyst Ali Martinez.

MicroStrategy, the world’s largest corporate holder of Bitcoin, has transitioned its Bitcoin holdings into a profitable position as the BTC price surpassed $30,000. Following the recent price rally, MicroStrategy is now enjoying a 10 percent profit on its $4 billion worth of Bitcoin holdings.

On the other hand, Bitcoin critic WhaleWire has warned that in past bear markets, Bitcoin saw over 200 percent rallies followed by new lows. This current rally, driven by ETF hype, is viewed as a fake-out to attract more retail investors. Tether’s significant recent printing is concerning. If you’re unsure, consider taking profits or waiting on the sidelines to avoid potential losses.

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