Bitcoin Price Spike Triggers $573 Million Crypto Liquidation, Here’s the Analysis!

Jakarta, Pintu News—The crypto market has recently experienced significant price movements, which have triggered a massive wave of liquidation among traders.

In the past 24 hours, more than 156,000 traders incurred losses due to market predictions that did not match reality. This sharp rise was mainly led by Bitcoin BTC->Current BTC PriceRp 0Market Cap-Trading Volume-Circulating Supply-, which recorded a price increase of over 8%.

Check out the full analysis below!

Crypto Market Liquidation: Bitcoin’s Dominance

Bitcoin (BTC) took center stage in this latest round of liquidations, with prices rising from a daily low of $74,589.67 to $82,942.43. This sudden rise shocked and caused heavy losses for traders who were positioned on short positions.

Data from Coinglass shows that Bitcoin (BTC) liquidated in 24 hours for $225.06 million. Of this amount, traders who went short lost $137 million, while traders who went long lost only $87.77 million.

This rise in Bitcoin (BTC) price not only affected the cryptocurrency but also impacted Ethereum ETH->Current ETH PriceRp 0Market Cap-Trading Volume-Circulating Supply- and Ripple XRP->Current XRP PriceRp 0Market Cap-Trading Volume-Circulating Supply-, which also experienced significant liquidation.

Read also: 21Shares submits Spot Dogecoin ETF proposal to SEC, will it be approved?

Triggers for Bitcoin and Altcoin Price Increases

This price increase comes amid trade tensions between the US and China. US President Donald Trump announced a 90-day suspension of tariffs on 75 countries that opened negotiation channels with America.

This policy triggered a rebound in Bitcoin (BTC) prices and made sustainability a major topic in analysts’ discussions. However, President Trump’s latest policy, imposing 125% tariffs on China directly, adds to the uncertainty.

If China retaliates with additional tariffs on US goods, this could offset the gains currently enjoyed by risk assets.

Read also: Ethereum ETF Trading Options Approved by SEC, What’s Next?

Market Projections After Liquidation

Since early April, the price of Bitcoin (BTC) has never dropped below $74,000. This resilience has prompted some industry leaders to issue new bullish projections for the cryptocurrency.

Samson Mow, a Bitcoin advocate, calls the recent price increase a “mini-Godzilla candle” and hopes for further price increases. This new growth projection is in line with Bitwise’s $1 million Bitcoin (BTC) price target, which relies on the expectation of a “dip, then rip.”

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Crypto Liquidations Hit $573 Million as BTC, ETH, and XRP Sees Rebound. Accessed on April 10, 2025
• Featured Image: Generated by AI