The weekend started off well for bitcoin following an impressive price resurgence on Friday, as the price climbed back over $41,000.
Following a week of sideways action, bitcoin managed to recover nearly two weeks of price decline within the space of two days. The price of bitcoin on Friday climbed nearly 14% touching just under $43,000, according to Binance.
Altcoins also climb as Ethereum breaks $3,000
The surge in price saw the entire market rebound with bitcoin. The total market capitalization was also up nearly 12% on Saturday. The top 10 altcoins, excluding stablecoins, all saw gains of no less than 6% over the course of the last 24 hours, with Polkadot (DOT), Terra (LUNA) and Binance Coin (BNB) all seeing double figure gains.
Ethereum also managed to break a key resistance level and reclaim $3,000, essentially mimicking bitcoin’s price action. This comes just 12 days after ETH hit a yearly low of $2,151 on Binance.
24 hour Liquidations top $270 million
Following the dramatic price action within the markets, late shorters appeared to be the biggest losers as liquidations topped $270 million. Coinglass reports that nearly 40% of the liquidation over the last 24 hours came from bitcoin positions. Over 80% of those positions were short positions.
Ethereum liquidations accounted for roughly 25% of the total liquidations, with Solana (SOL) making up nearly 7% of the total, with $18.23 million. Other notable coins include Terra (LUNA), The Sandbox (SAND) and XRP.
Bitcoin correction complete?
Following previous wave count analysis of bitcoin this week, BeInCrypto reported that the correction could be over as bitcoin had completed its long-term wave four inside the current ascending parallel channel.
The next few days would represent an important view on which direction bitcoin would likely go. With the recent bullish bounce, traders will be cautiously optimistic that the correction is complete.
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