Bitcoin crossed the $57,000 mark on Feb. 27, reaching its highest level since November 2022. This surge, driving the price from $54,000 to $57,300 within 24 hours, led many to see it as the beginning of a bull rally, especially significant in a Bitcoin halving year.
Despite the blistering gains, the expected wave of liquidations did not follow suit.
Between Feb. 26 and Feb. 27, 86,351 traders faced liquidation, cumulating to $387.15 million across the board. However, Bitcoin-specific liquidations stood at around $206 million. This figure, divided between $175 million in shorts and $30 million in longs, indicates a market thatremained resilient against massive liquidation triggers contrary to expectations.
Screengrab showing the 24-hour liquidations between Feb. 26 and Feb. 27, 2024 (Source: CoinGlass)
The relatively muted response in terms of liquidations following Bitcoin’s sharp price increase can be attributed to several factors that cushion the impact of such volatile movements o
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