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After a few days of relatively low volatility, the price of the primary cryptocurrency has headed north once again, surpassing the coveted level of $35,000, before plunging down below it almost immediately.
Somewhat expected, the move resulted in millions of dollars in liquidations.
The price of bitcoin (BTC) briefly exceeded $35,000 a few minutes ago (per CoinGecko’s data), doubling down on the overall bullish sentiment that has reigned in the sector lately. The move was for not, however, as the price tumbled almost immediately after.
According to CoinGlass, the total liquidations for the past 24 hours have surged to almost $100 million.
The last time the leading digital asset touched the $35K mark was at the end of October following the arising rumors that the US Securities and Exchange Commission (SEC) might soon approve BlackRock’s application to introduce a spot BTC ETF in America.
Multiple analysts, and even the AI-powered language model – ChatGPT, have suggested that such a move would have a positive impact on bitcoin’s valuation.
Other factors that might play a role in a potential price increase include the upcoming halving, mass adoption, and interest from institutional investors.
Prominent figures have also laid out their BTC forecasts, with some envisioning a rise above the $100K milestone. Those curious to find out the top five recent predictions can watch the dedicated video below:
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