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Bitcoin (BTC) staged a sharp recovery, reclaiming the $69,000 level and triggering a large short liquidation event. The move comes as BTC approached the upper boundary of its current trading range.
On Monday, the price of Bitcoin surged to an intraday peak of $69,401.
CoinGecko data cited in the report indicates that roughly $80 million worth of shorts were liquidated within minutes.
Bybit accounted for the largest share of liquidations, representing about 20% of the total.
The cryptocurrency is now nearing the upper end of its current range. However, the article notes that Bitcoin’s previous attempts to reclaim the $70,000 level have failed.
Fundstrat’s Tom Lee appeared on CNBC, arguing that crypto is in the final stages of forming a bottom and expecting a rally in April.
Strategy (MSTR) shares also rose sharply, increasing by more than $139, according to the report.
U.Today reported that Strategy recently bought an additional $204 million worth of Bitcoin (BTC).
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