On Tuesday, Bitcoin broke through the $72,000 threshold, moving closer to its historical peak in U.S. dollar value.
**Bitcoin Price Surge Approaches Record High, Millions in Liquidations Observed**
Reaching an intraday high of $72,827, Bitcoin experienced a significant 5.5% increase over the last 24 hours. As of 12:15 p.m. EDT, the cryptocurrency is stabilizing around $72,524 per coin. This upward trend positions Bitcoin 5.5% higher for the day, 7.3% for the week, and 10.2% over the past month. Today’s leap beyond the $72K mark represents the highest level since April, leaving Bitcoin just 2% shy of its record high of $73,794 reached on March 14.
According to data from coinglass.com, Bitcoin's performance in the last quarter has risen by 13.85%. The surge past $72,000 has led to significant liquidations in the crypto derivatives markets, totaling $232.12 million, with $189.15 million in short positions, including $89.82 million in Bitcoin shorts, liquidated in the past 24 hours. On Tuesday, a total of 61,602 traders faced liquidations across the crypto derivatives sector. Following a more than 80% increase in global trade volume on Monday compared to Sunday, today’s trading volume saw an additional rise of 53.81%.
This latest rally towards Bitcoin's peak indicates a surge in market activity, fueled by notable liquidations and an increase in global trading volume. With Bitcoin's price climbing nearly 14% this quarter, speculation is intensifying regarding whether this momentum will enable the asset to surpass its previous high. Recent data suggests a renewed interest from both investors and short-sellers, indicating that Bitcoin's upward trajectory could pave the way for new trends as the year draws to a close.