Bitcoin Price Eyes $40K Amid Massive Volatility, Leaves Bears in Disbelief

The cryptocurrency market went through massively volatile 48 hours in the context of the recent geopolitical events.

As CryptoPotato reported yesterday, the bitcoin price dropped towards $35K in a vicious 10% red candle in response to Russia’s decision to invade Ukraine after Putin’s call for a military operation. Today, however, things are different.

• The broader cryptocurrency market is painted in green as major coins chart double-digit gains and recovery from yesterday’s bloodbath.
• In less than 24 hours, BTC is up over 10%, trading above $39,000 and eyeing the major psychological level of $40K. We have yet to see if the current bullish momentum will take it there.

Chart by TradingView

• The rest of the market is also painted green. Ethereum is up 11%, BNB – 8.5%, XRP – 10.6%, SOL – 9.2%, and so forth.
• One thing that needs to be noted, though, is that the past 24 hours saw a massive amount of short positions being liquidated.
• According to data from Coinglass, the past day saw $400 million liquidated, and 67% of them were short positions.
• FTX is the only exchange where there were more long liquidations.