Bitcoin holds above $59,000 as short liquidations spike

Bitcoin BTC +2.76% 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.

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.

　　Disclaimer: Includes third-party opinions. No financial advice. See Risk Warning.