![Bitcoin’s price rally above $69,000 leads to widespread market liquidations](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/01/bitcoin-green-1.jpg&w=70&h=37&q=75)
Quick Take
Bitcoin has started the week strong with a push above $69,000โup more than 3% today and marking its highest value since March 16. The move triggered a flood of liquidations in the digital asset ecosystem. These liquidations stem partly from the digital assets strong rally, peaking at an impressive $69,400.
![BTCUSD Bitstamp: (Source: TradingView)](https://cryptoslate.com/wp-content/uploads/2024/03/69.png)
Coinglass data shows that, in the past 24 hours, the ecosystem has seen nearly $200 million in liquidations, with shorts accounting for a predominant portion of the total, around $129 million. The last hour alone witnessed a massive $35 million worth of liquidations, primarily comprising of shorts.
![Liquidation Heatmap: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2024/03/Liq.png)
Data from Coinglass indicates a substantial amount of leverage, approximately $1.18 billion, parked just above the $73,000 mark.
![Binance BTC/USDT Liquidation Heatmap: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2024/03/leverage.png)