What to remember:
- Bitcoin jumped 3% to $69,200 this Monday, liquidating $196 million in short positions over 24 hours.
- Shorts represent 196.7 million against 77.1 million longs liquidated, a ratio of 3 to 1.
- The largest liquidation reaches $10.17 million on an ETH-USDT short position on Binance.
273 million liquidations hit traders
Crypto traders suffered $273.8 million in liquidations in 24 hours on Monday, affecting 81,819 positions according to market data. Short positions suffered most of the damage with 196.7 million dollars liquidated, compared to only 77.1 million for long positions.
This ratio of almost 3 to 1 reveals a massively bearish positioning of traders before the Easter weekend. The largest individual liquidation reached $10.17 million on an ETH-USDT short position on Binance.
Bitcoin retakes $69,000 on geopolitical hope
Bitcoin rose 3% to $69,120 on Monday, returning to its highest level in more than a week. Ethereum led the rise with a 3.7% gain to $2,130, while Solana rose 2% to $82 and XRP gained 2.2% to $1.34.
The catalyst came from an Axios report citing discussions between the United States, Iran and regional mediators for a 45-day, potentially permanent, ceasefire. The total capitalization of the crypto market has crossed the threshold of 2.5 trillion dollars.
Bearish sentiment peaks before rebound
Santiment data from the weekend showed the most bearish sentiment since the start of the conflict, with five negative posts for every four positive ones on social media. This extreme reading of sentiment coincided with the most marked rebound of the cycle.
Bitcoin’s 24-hour range extended from $66,634 to $69,350, a gap of $2,700 that trapped the most exposed short positions.
What to watch out for
Bitcoin returns to the top of its five-week war range but does not exceed it. The channel of 65,000 to 73,000 dollars which has governed all movements since the start of the conflict remains intact. Resistances at $71,500 and $81,200 are the next significant tests if ceasefire momentum holds.
