Major cryptocurrencies experienced a strong rally on Monday, bouncing back from recent losses. The apex cryptocurrency Bitcoin surged above its 2021 peak once again.

What Happened: Bitcoin’s value rose above $70,000 on Monday marking the first time in 10 days and showing a gain of over 6% in the past 24 hours.

In the last 24 hours, a total of 63,643 traders were liquidated, resulting in a total of $183.84 million in liquidations. 

The largest single liquidation order, which occurred on Bybit, involved a BTC-USD value of $1.94 million.The sudden resurgence led to the liquidation of $183 million worth of leveraged derivatives positions across all crypto assets, with approximately $123 million coming from short positions aiming to profit from lower prices, according to CoinGlass data. 

Top Gainer (24 Hour)

The global cryptocurrency market cap now stands at $2.64 trillion, showing a 5.81%  increase in the past 24 hours.

Stocks experienced a slight decline on Monday to kick off a shortened trading week as the recent rally that propelled Wall Street to record levels paused for a breather.

The Dow Jones Industrial Average dropped 162.26 points, or 0.41%, and closed at 39,313.64. The S&P 500 also dipped 0.31%, finishing at 5,218.19, while the Nasdaq Composite was down 0.27% and settled at 16,384.47.

This week, investors will get more information about inflation from the February personal consumption expenditures price index, which is the Fed’s preferred inflation gauge. It will be released on Friday morning, and the market’s response will be seen on the following Monday, as it’s a Good Friday holiday.

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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe advises that Bitcoin is likely to maintain its current momentum. He recommends taking advantage of dips in the market by allocating funds: if Bitcoin dips by 15-40%, or if altcoins drop by 25-50%.

“If $68K continues to hold, we’ll sweep the highs at the all-time high pre-halving. Still expecting a peak to be happening.”

The head of the blockchain analytics platform CryptoQuant, Ki Young Ju, shared that Bitcoin might experience a dip to a “max pain” price range before the bull market can continue. He mentioned that the net inflows of capital to spot Bitcoin exchange-traded funds (ETFs) have slowed down, indicating potential dominance by sellers in the market.

“Bitcoin spot ETF netflows are slowing. Demand may rebound if the BTC price approaches critical support levels. New whales, mainly ETF buyers, have a $56,000 on-chain cost basis. Corrections typically entail a max drawdown of around 30% in bull markets, with a max pain of $51,000.”

On-chain analyst Ali Martinez said, “If Bitcoin can break past $66,990, it will likely rise toward $72,880!”

Photo by SvetlanaParnikova on Shutterstock

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