Bitcoin’s Recovery Has Begun – But Is There a Known Reason? What are the Latest Data? Here are the Details

The Bitcoin price, which was around $54,000 during the day, finished the day in the green zone after an approximately 6% increase in the last 24 hours.

At its peak, the BTC price surpassed $58,000 and is trading at $57,527 at the time of writing.

There is no exact reason for the rise that took place in the last few hours and caught traders off guard, but the Nasdaq and S&P 500 from the US stock markets also closed the day higher.

However, after the recent rise, a series of liquidations took place in the cryptocurrency market, especially in which short positions were dominant. According to the data, a total of $170 million was liquidated in the entire cryptocurrency market in the last 24 hours, $138 million of which were in short positions.

Visual showing the liquidations in the last 24 hours following the recent rise in the cryptocurrency market.

So what was the real reason that caused the Bitcoin price to fall below $60,000? As a reminder, the last sudden drop came after FED officials made statements hinting at a growing possibility of a recession in the US.

*This is not investment advice.

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