Bitcoin liquidation drops but BTC holds at $60K – What’s next?

• Over the past 48 hours, Bitcoin’s liquidation has been below $50 million.
• BTC maintained the $60,000 price range.

Last week, the price of Bitcoin (BTC) fell significantly, falling below the $60,000 threshold.

This slowdown led to a wave of liquidations both short and long, causing some positions to disappear.

However, there appears to be a recent balance between price movements and liquidations, suggesting market stabilization.

Bitcoin Liquidation Diminishes

AMBCrypto’s analysis of the Bitcoin liquidation chart on Coinglass revealed an increase in liquidations on April 30 and May 1.

As of April 30, liquidation volume exceeded $113 million, with long positions accounting for more than $95 million.

This trend continued through May 1, with liquidation volume exceeding $136 million and long positions totaling over $100 million.

Source: Coinglass

However, as the BTC price rebounded and reclaimed the $60,000 price range, liquidation volume began to decline.

Since May 2, the volume of liquidations has only exceeded $50 million once. The latest data shows that the liquidation volume was around $10 million at press time.

Bitcoin maintains trend above $60,000

AMBCrypto’s examination of Bitcoin’s price action on the daily chart indicated a notable rebound following its April 30 and May 1 declines, during which it suffered an 8% loss over 48 hours.

AMBCrypto chart analysis revealed consecutive bullish trends starting on May 2, with a notable increase of over 6% observed on May 3.

Source: TradingView

By the end of trading on May 4, Bitcoin was up more than 1%, reaching around $63,900.

At the time of writing, it was trading down less than 1%, but it still maintained the $63,000 price range.

Despite this rebound, its short moving average (yellow line) continued to serve as resistance around $66,000.

Tight profit for 30-day holders

Bitcoin’s 30-day realized market value ratio (MVRV) indicates that holders experienced a period underwater for much of April.

The chart revealed that BTC remained below zero and reached its lowest point in months, falling to -9.71%.

Source: Santiment

Read Bitcoin (BTC) Price Prediction 2024-25

However, at the time of this analysis, the MVRV is slightly above zero, hovering around 0.026%.

This suggests that holders are taking advantage of this period, likely due to the recent slight increase in BTC price.