Bitcoin price breaks out above $72,000 as market volatility causes spike in liquidations
Quick Take
- The bitcoin price has climbed back above the $72,000 mark.
- Market volatility over the past day has resulted in over $152 million in cryptocurrency liquidations.
Bitcoin 
BTC
+6.11%
short positions bore the brunt of market volatility damage as the digital asset surged above the $72,000 mark on Monday. According to Coinglass data, there were over $47 million in bitcoin short liquidations in the past 24 hours.
In the wider cryptocurrency market, there have been over $152 million in liquidations over the past 24 hours. Of these liquidations, the vast majority — around $107 million — were short positions.
The largest digital asset by market capitalization increased by around 3.8% in the past 24 hours and was changing hands for $72,073 at 5:25 a.m. ET, according to The Block's Price Page. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, has increased by 2.85% to 152.67 in the past 24 hours.
The bitcoin price has increased above the $72,000 mark on Monday. Image: The Block.
Bullish signals for bitcoin
RELATED INDICES
QCP Capital analysts suggest that certain factors signal potential further bullishness for bitcoin. One factor contributing to this bullish sentiment is the upcoming bitcoin halving. This event is expected to happen on April 20 and will decrease the rate at which new bitcoins are generated, according to The Block's Bitcoin Halving Countdown.
QCP Capital analysts also cited the participation of key traditional finance players such as Citadel Securities, Goldman Sachs, UBS, and Citi as Authorized Participants for Blackrock's spot bitcoin ETF.
Increase in Bitcoin Ordinals volumes
The heightened activity in the Bitcoin Ordinals market indicates another potentially bullish signal for bitcoin. According to data from CryptoSlam, despite a decline in NFT trading volume across major networks such as Ethereum and Solana, volumes for Bitcoin Ordinals have seen an uptick, led by offerings like NodeMonkes and Pups.
Looking at NFT collection rankings by sales volume, Bitcoin Ordinals are the largest gainers over the past seven days. In the past week, sales in the Uncategorized Bitcoin Ordinals batch were up 51% and NodeMonkes have increased by 65%.
The Bitcoin Ordinals market can serve as a proxy for gaining exposure to bitcoin's rise without resorting to futures products or leverage. The increased Ordinals trading activity suggests some traders anticipate a bitcoin rally.
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