Bitcoin Taps $40K, Surging 6% in Less Than Two Hours

Bitcoin’s price shot up in the past couple of hours in two massive consecutive green candles, leaving bears underwater and attempting to reclaim the coveted $40K level.

• Over the past two hours, bulls took complete control of the market momentum and managed to push BTC’s price to almost $40K (on Binance).
• This comes following a couple of green days after BTC dropped to $33K yesterday, charting a recovery of almost 20% in the interim.

Source: TradingView

• In the meantime, data from Coinglass reveals that the move caused a stir amongst bears as there are currently around $200 million in liquidations, with the largest single order happening on OKEx with a face value of $3.18 million.
• Moreover, 77% of the total liquidations in the past 4 hours came from short positions.
• 36% of those happened on OKEx, and 34% happened on Binance, followed by Bybit, FTX, and Huobi.