Bitcoin holds above $59,000 as short liquidations spike
Quick Take
- Bitcoin short liquidations spiked over $24 million in the past 24 hours as the price held above the $59,000 mark.
- Technical and fundamental bitcoin chart indicators show optimistic signs for the crypto market moving into the month of May, an analyst said.
Bitcoin 
BTC
+2.05%
short liquidations spiked above $24 million in the past 24 hours as the price rebounded from a multi-month low of below $57,000 on Monday.
A total of $33 million in bitcoin positions were liquidated in the past 24 hours amid the volatility. The wider cryptocurrency market experienced over $112 million in liquidations during the same period. Of these combined crypto liquidations, the vast majority — around $70 million — were short positions, according to Coinglass data.
Bitcoin is holding above the $59,000 mark, having posted a 3% increase in the past 24 hours, and was trading at $57,471 at 5:45 a.m. ET, according to The Block’s Price Page. The price of ether increased by 1.3% to $2,984 in the same period.
The bitcoin price has increased by over 3% in the past 24 hours. Image: The Block.
According to YouHodler risk manager Sergei Gorev, technical and fundamental analysis indicators show optimistic signs for the crypto market as it moves into the month of May.
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Taking into account short-term downside pressure due to traders continuing to open short positions, Gorev still expects bitcoin to grow, forecasting the first significant medium-term target price for the asset to be above $80,000.
However, the analyst stressed that a further price correction over the next week is still likely. "We do not exclude the fact that the corrective movement may be deeper, as the 61.8% Fibonacci golden ratio level at the level of $52,000 per one BTC, is still potentially untouched," he told The Block.
Decrease in spot bitcoin ETF outflows
The bitcoin price uptick comes after spot bitcoin exchange-traded funds (ETFs) in the U.S. experienced a net outflow of $34.4 million on Thursday, indicating a slowdown compared to the previous day’s record outflows.
Grayscale’s GBTC, which has seen consistent outflows, was the only ETF to experience a net outflow of funds on Thursday, totaling $55 million, according to SoSoValue data. Ark Invest’s ARKB led daily net inflows, adding $13 million. Spot bitcoin ETFs from Franklin Templeton, Valkyrie, Invesco, and Galaxy Digital logged smaller amounts of net inflows, totaling a combined $6 million.
Bitcoin dominance edged down slightly over the past day to 50%, with ether dominance seeing a slight uptick to 15.4%, according to Coingecko data. The global cryptocurrency market cap increased by 3.7% in the past 24 hours and now stands at $2.34 trillion, according to The Block's Prices Page.
The GM 30 Index, representing a selection of the top 30 cryptocurrencies, increased 2.39% to 125.85 in the same period.
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