Yesterday evening, Bitcoin encountered a dip, slipping below its $42,000 support to hit $41,800.
Today, Bitcoin surged by approximately 4% over the last 24 hours, briefly crossing the crucial $44,000 mark and reaching its highest level since December 9, peaking at $44,200 before settling at $43,945.
The upward movement also led to significant liquidations in futures trades, totaling $161 million in the last day, comprising $92 million from short positions and $69 million from long positions. Within the last hour of the surge, a $45 million liquidation occurred, of which $40 million was from short positions and $5 million from long positions.
This Bitcoin rally had a ripple effect on altcoins. Ethereum saw a modest 2.22% gain in the last 24 hours, trailing behind Bitcoin’s surge.
Among the top 100 cryptocurrencies, standout gainers in the past 24 hours included Stacks with a 26% increase, NEAR with 19%, and Mina with 18%. However, despite the positive trend, cryptocurrencies like FTT, LUNC, and LUNA concluded the last 24 hours in the negative zone.