U.Today

Over the past 24 hours, Bitcoin (BTC) has seen a large disparity in liquidations between long and short positions in the perpetual futures market. According to CoinGlass, total liquidations in derivatives on the major cryptocurrency during this period exceeded $4.82 million.

Of particular note is the uneven distribution of these liquidations, with 78% — or $3.76 million — coming from long positions. The collapse appears to be due to bullish investors trying to capitalize on a potential price spike.

Just yesterday, Bitcoin showed promising price action, briefly surpassing $62,000 per BTC, fueling optimism about a possible march to a new all-time high.

However, the market quickly changed direction. Instead of an immediate breakout, the cryptocurrency encountered a series of red candlesticks. While this did not result in a significant price drop, it did result in a notable cascade of long liquidations.

Bitcoin (BTC) Price Outlook

As bulls and bears played a tug-of-war over Bitcoin, the price of the major cryptocurrency was mostly stuck in one place around the aforementioned $62,000 mark.

After finding a bottom at $60,700, BTC's performance has left traders somewhat in limbo as they eye $53,000 and $66,000 as two main options for the near future. The bulls are currently leading the charge, managing to take the tug to their side by over 3% so far.

Is another attempt at a new all-time high in play? Based on the recent price action, the answer appears to be yes. However, it is still a long way to go as bulls would first have to defend the weekly close above $60,700, get to $66,000 per BTC, and then perhaps hold there for another week.

This article was originally published on U.Today