Bitcoin price breaks out above $72,000 as market volatility causes spike in liquidations

Bitcoin BTC +3.80% short positions bore the brunt of market volatility damage as the digital asset surged above the $72,000 mark on Monday. According to Coinglass data , there were over $47 million in bitcoin short liquidations in the past 24 hours.

In the wider cryptocurrency market, there have been over $152 million in liquidations over the past 24 hours. Of these liquidations, the vast majority — around $107 million — were short positions.

The largest digital asset by market capitalization increased by around 3.8% in the past 24 hours and was changing hands for $72,073 at 5:25 a.m. ET, according to The Block's Price Page . The GM 30 Index , representing a selection of the top 30 cryptocurrencies, has increased by 2.85% to 152.67 in the past 24 hours.

Bullish signals for bitcoin

QCP Capital analysts suggest that certain factors signal potential further bullishness for bitcoin. One factor contributing to this bullish sentiment is the upcoming bitcoin halving . This event is expected to happen on April 20 and will decrease the rate at which new bitcoins are generated, according to The Block's Bitcoin Halving Countdown .

QCP Capital analysts also cited the participation of key traditional finance players such as Citadel, Goldman Sachs, UBS, and Citi as Authorized Participants for Blackrock's spot bitcoin ETF. 

Increase in Bitcoin Ordinals volumes

The heightened activity in the Bitcoin Ordinals market indicates another potentially bullish signal for bitcoin. According to data from CryptoSlam, despite a decline in NFT trading volume across major networks such as Ethereum and Solana, volumes for Bitcoin Ordinals have seen an uptick, led by offerings like NodeMonkes and Pups.