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Bitcoin back above $66k after weekend of panic selling Bitcoin back above $66k after weekend of panic selling

Bitcoin back above $66k after weekend of panic selling

Data via CoinGlass

Bitcoin's tumultuous weekend sees significant price dips and recovery amid geopolitical tensions and ETF approvals in Hong Kong.

Quick Take

The digital asset ecosystem experienced a shaky weekend, with Bitcoin plummeting to around $65,000 from its $70,000 trading price on Friday, April 12. The downward trend continued into the weekend, with Bitcoin further declining to $60,800 amidst geopolitical tensions in the Middle East on Saturday evening. However, following a reduction in tension and the approval of Hong Kong ETFs Bitcoin has recovered back above $66,000.

BTCUSD: (Source: TradingView)
BTCUSD: (Source: TradingView)

According to Coinglass, April 12 witnessed approximately $880 million in liquidations, with long liquidations accounting for roughly $780 million. The following day, April 13, saw even more liquidations at roughly $950 million, with long liquidations comprising around $770 million. These two events marked one of the most significant long liquidation incidents since October, second only to March 5, which saw liquidations exceed $850 million.

Total Liquidations: (Source: Coinglass)
Total Liquidations: (Source: Coinglass)