In brief – Bitcoin bounced 7.5% from Friday’s $59,353 low to highs of $63,800 on Monday. – The weekend recovery liquidated $540 million in short positions on Sunday, the highest level since mid-April. – Experts remain cautious about the rebound, saying it does not confirm a…
end reversal yet. A portion of last week’s selloff has come undone as Bitcoin bounced over the weekend, triggering a huge chunk of late shorts
Bitcoin recovered to highs of $63,800 Monday, up roughly 7.5% from Saturday’s $59,353 low, according to CoinGecko data. The cryptocurrency is currently trading at around $63,350, up 2.4% on the day. Bitcoin’s bounce liquidated $539 million in crypto short positions on Sunday, the highest level since the April 17 crash, according to CoinGlass data.
Over the past 24 hours, total crypto liquidations surpassed $588 million, of which $444 million were short positions. The selloff wasn’t localized to cryptocurrencies. The S&P 500 index dropped 2.90% on Friday and is down roughly 2.70% from its all-time high of 7,632.