- 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.
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.
#bitcoin Has now crossed $22.7k for the first time since Aug 18, 2022. The price hike comes in the form of a large Whale Tier group of addresses holding 1,000 to 10,000. $BTC 64,638 ($1.46 billion) have been accumulated collectively $BTC in the last 15 days. https://t.co/H6jCsZDgUR pic.twitter.com/RaN2I48ybg
— Sentiment (@santimentfeed) January 20, 2023
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.