Bitcoin Volume Surges 11% as Price Peaks $71,700 With $300M Short Liquidations
Bitcoin advanced 1.59% to around $70,050, peaking at $71,700 with trading volume up 11%, while Dogecoin jumped 3.02% to $0.0937 and Ethereum reached $2,087.99 intraday. $300 million in crypto shorts were liquidated over 24 hours, and Bitcoin faces resistance at $70,685 before potential rallies to $83,307 and $84,569.
1. Cryptocurrency Market Rebound
Bitcoin advanced 1.59% to $70,050, peaking at $71,700, Ethereum rose 1.16% to $2,035.55 after spiking to $2,087.99, XRP gained 1.34% and Dogecoin jumped 3.02%, lifting total crypto market capitalization to $2.35 trillion.
2. Liquidations and Volume Trends
Over the past 24 hours, Bitcoin trading volume surged 11%, nearly $300 million in crypto shorts were liquidated, predominantly short positions, and approximately $490 million more in Bitcoin shorts risk liquidation if the price reaches $73,000.
3. Bitcoin Resistance and Upside Targets
Bitcoin faces a major resistance wall at $70,685; clearing this level could accelerate momentum toward supply clusters near $83,307 and $84,569 as traders increase long positions on derivatives platforms.
4. Ethereum On-Chain Participation
Ethereum daily active addresses have surged past previous 2021 peaks, driven by rising transfers and smart contract calls, indicating strong network usage despite ETH price remaining over 50% below its all-time high.