Bitcoin breaks above $21K as short liquidations hit $725 million

on Jan 14, 2023
  • Bitcoin price reached highs of $21,321 on Coinbase, with BTC at its highest level in over two months.
  • More than $725 million shorts were liquidated in 24 hours, data from CoinGlass showed.
  • The crypto rally pushed Ethereum and other altcoins higher, with ETH hitting highs of $1,565 on Saturday.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

Bitcoin (BTC/USD) rallied to highs of $21,321 on Coinbase early Saturday as bulls pushed on from the breakout above the $20,000 mark. It was the first time since the brutal dump in November following the collapse of FTX that Bitcoin price had posted such gains.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

The flagship cryptocurrency has registered seven consecutive green candles on the daily chart, starting with the break above $17,000 on Sunday, 8 January 2023.

BTC/USD price movement on Coinbase. Source: TradingView 

Bitcoin price hits pre-FTX dump levels

Copy link to section

Pseudonymous crypto trader Mags says Bitcoin has recovered all the losses recorded during the FTX dump, and a best case scenario for the benchmark crypto would be for BTC to continue to $25,000 without revisiting $18,700. The analyst tweeted:

$BTC is back inside the previous range & is very close to the mid-range range ($21.5k), price has also engulfed the entire FTX dump. Best case scenario would be a continuation till $25k without re-testing $18.7k.

Scott Melker aka The Wolf of All Streets, also points to Bitcoin’s breakout above $20,000 as likely to see the BTC price test resistance zones around $22,800 and then $25,000. The crypto trader and analyst shared the chart below on Twitter.

Bitcoin is currently trading around $20,700, still more than 9% up in the past 24 hours.

Over $725 million shorts liquidated in 24 hours

Copy link to section

According to crypto data tracker CoinGlass, the double-digit rally in BTC and major altcoins over the past 24 hours has seen over 133,665 traders liquidated. 

For instance, Ethereum price rose to highs of $1,565 on major digital trading platforms, with coins such as Binance Coin, Solana, Dogecoin, Polygon and Polkadot rallying to multi-month highs.

As of 07:20 am ET on 14 January, total liquidations stood at $725.39 million, with the largest single 24-hour liquidation of $6.8 million happening on crypto exchange Huobi.

Across the different digital assets, Ethereum had the most liquidations in the past 24 hours at nearly $260 million, while Bitcoin’s rally had about $239 million shorts liquidated. 

CoinGlass data also showed Solana, Dogecoin, Aptos and Litecoin had all seen a significant number of traders rekt.


Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
Aptos Bitcoin Litecoin Polkadot Crypto