Bitcoin dipped to $73,761 on Sunday night before recovering above $75,000, as more than $1 billion in crypto futures positions were liquidated.
News over the weekend of an investigation involving Nvidia’s CEO, along with statements that talks between the U.S. and Iran had made no progress, heightened market uncertainty. Cryptocurrencies, which continued trading while traditional markets were closed, saw sharp price swings.
According to CoinDesk data, Bitcoin rose above $75,000 after hitting its lowest level since August. Ethereum (ETH) also fell below $2,100 before climbing to $2,144 at the time of writing.
Most liquidations came from bullish positions
CoinGlass reported that more than $1 billion in crypto futures positions were liquidated over the past 24 hours. Most of the liquidations occurred in the last six hours.
$913 million in positions held by traders betting that prices would rise were liquidated. Total liquidations amounted to $448 million in Ethereum and $272 million in Bitcoin. The largest single liquidation order was also in Ethereum, at $48 million.
Bitcoin trades between $73,150 and $77,430
Bitcoin’s recovery lost momentum at the time of writing. According to the technical levels tracked by CoinDesk, the price remained between support at the 200-day moving average near $73,150 and resistance at the 100-day moving average at $77,430.
The market’s direction may be shaped by its reaction to Nvidia news and developments involving Iran when traditional markets open on Monday.
Not investment advice.