Bitcoin Price Eyes $40K Amid Massive Volatility, Leaves Bears in Disbelief

Time Stamp: February 25, 2022 10:18 AM
Source Node: 1186974

The cryptocurrency market went through massively volatile 48 hours in the context of the recent geopolitical events.

As CryptoPotato reported yesterday, the bitcoin price dropped towards $35K in a vicious 10% red candle in response to Russia’s decision to invade Ukraine after Putin’s call for a military operation. Today, however, things are different.

  • The broader cryptocurrency market is painted in green as major coins chart double-digit gains and recovery from yesterday’s bloodbath.
  • In less than 24 hours, BTC is up over 10%, trading above $39,000 and eyeing the major psychological level of $40K. We have yet to see if the current bullish momentum will take it there.
img1_btc
Chart by TradingView

 

  • The rest of the market is also painted green. Ethereum is up 11%, BNB – 8.5%, XRP – 10.6%, SOL – 9.2%, and so forth.
  • One thing that needs to be noted, though, is that the past 24 hours saw a massive amount of short positions being liquidated.
  • According to data from Coinglass, the past day saw $400 million liquidated, and 67% of them were short positions.
  • FTX is the only exchange where there were more long liquidations.

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