Bitcoin’s market experienced heightened volatility, resulting in the liquidation of over $120 million in short positions in the last 24 hours on centralized exchanges, with prices fluctuating around $44,000, according to Coinglass data.
In the initial five days of December, short liquidations exceeded $260 million. Remaining optimistic for 2024, Bitfinex analysts attribute the recent rally to the expected April 2024 bitcoin halving and the potential approval of a spot bitcoin ETF.
They forecast a year-end price range of $60,000 to $75,000, emphasizing the market’s resilience, starting the year at $16,000. December witnessed a significant uptick in cryptocurrency market short liquidations, totaling $614 million.
Bitcoin’s trading volume reached $888 billion in November, maintaining strength with $213 billion traded in the first six days of December. Surging nearly 175% this year, Bitcoin traded at $43,659 on Wednesday.
The surge in Bitcoin’s market volatility and substantial short liquidations highlights the ongoing unpredictability in the crypto space.
Also Read: Bitcoin Eyes $500,000 Mark in Predicted Supercycle
