Bitcoin (BTC) reached a peak of $63,794 on Monday, marking a 2% increase against the US dollar within the last 24 hours. Currently, BTC is trading at $63,070 per unit. The upward movement throughout the day resulted in $124.64 million in liquidations of crypto shorts and longs, with bitcoin shorts alone amounting to $49.85 million.
The value of Bitcoin against the dollar showed a steady rise over the past day, peaking at $63,794 by 2 p.m. EDT on Monday before encountering resistance. The entire crypto market witnessed significant activity, with $72.56 billion traded, reflecting a 54.07% surge in 24 hours. BTC trades accounted for approximately 38.21% of this total, equivalent to $27.73 million.
Bitcoin's intraday high of $63,794 occurred at 2 p.m. EDT on Monday, as reported by Bitstamp's BTC/USD pair. Analysis from cryptoquant.com indicates a consistent premium in South Korea since June 28, ranging between 1.8% to 1.5%. Notably, Bitcoin is priced at $64,174 on Upbit, slightly above the global average of $63,070. On July 1, the premium on Upbit and Bithumb stood at approximately 1.75%. Technical indicators such as oscillators and moving averages for the day suggest a bullish trend.
Derivatives market metrics from coinglass.com report total liquidations amounting to $124.64 million across the crypto market. Of this, $49.85 million were liquidated from short positions in Bitcoin. Ethereum (ETH) contributed $27.17 million to shorts liquidations, while SOL saw $6.75 million liquidated. The largest single liquidation, a BTC/USD order on Binance, wiped out $4.39 million. Over the past 24 hours, 37,533 traders across the crypto market faced liquidation.
After dropping to a low of $63,070 per BTC, the leading cryptocurrency rebounded to $63,265 at 4 p.m. EDT, suggesting the formation of a support level around $63,000. The future direction of BTC, whether it consolidates around this level or continues to rise, remains uncertain.
What are your thoughts on Bitcoin's price movements on Monday? Feel free to share your insights in the comments section below.