Bitcoin bulls push BTC to highs of $23,300

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  • Bitcoin hits a high of $23,342 on Binance, extends year-to-date gains with breakout above $22k.
  • BTC price is up 30% in a month and has recovered 47% since hitting the $15,500 low.
  • Short liquidations in the last 24 hours totaled approximately $376 million.

Bitcoin price hit a high above $23,000 on Saturday morning, rising to $23,342 on Binance, as the price of the world’s largest cryptocurrency by market capitalization reached a peak last seen in mid-August 2022.

BTC was changing hands around $22,900 at the time of writing, up nearly 9% over the past 24 hours after paring some gains.

However, the price of bitcoin was still up 35% over the past 30 days, and as crypto trader and analyst Rekt Capital told Early this morning, BTC was up over 47% since falling to a low of $15,500 amid the FTX dump.

Bitcoin price chart showing BTC rallying to $23,000 on January 21, 2023. source: trading view

Just ahead of today’s break above $23k, on-chain data platform Sentiment noted that the bitcoin price rally came amid a bullish outlook from large BTC investors. as a firm highlight In the chart below, whale addresses with 1,000 to 10,000 BTC accumulated 64,638 bitcoins worth over $1.46 billion over the past two weeks.

Over $376 million was liquidated in shorts

As Bitcoin reached a high of $23,350,amortization data Shows that around 80,497 traders have been liquidated in the last 24 hours.

According to Coinglass, the largest short liquidation was on BitMEX, where $4.53 million worth of orders were placed. Total liquidations stood at $376.61 million as of 06:10 AM ET on Jan 21st.

Notably, total liquidations have not been seen at the level that BTC/USD broke above $20,000 last week to erase all losses following FTX. Nonetheless, it still shows that some traders believe this could be a huge bull trap.

But as it is, if sentiment in the risk on markets helps add buying pressure, further bullish momentum could target $25,000 or possibly higher.

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