Over $175 million in total liquidations as Bitcoin price reclaims $64K

• Bitcoin price has breached $64,000 threshold as trading volume rises by over 15%.
• Total liquidations went passed $175 million as more than $150 million shorts were blown out of water.
• Binance saw most liquidations with largest single liquidation order being $5.09 million for ETH/USDT trading pair.

Bitcoin (BTC) price shattered the $64,000 threshold on Saturday, May 4, recording an intra-day high of $64,540 as of 11:30 a.m. GMT. Trading volume is up by over 15% despite expected weekend lull when traders take time off.

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Millions in liquidations as Bitcoin price reclaims $64,000

In the aftermath of Bitcoin price shattering the $64,000 threshold, over $175 million in total liquidations was recorded in the cryptocurrency market. Out of these, $150.10 million comprise short positions while over $25 million longs were rekt.

Total liquidations

Binance exchange, the largest platform by trading volume metrics recorded the most liquidations at $72.57 million, followed by OKX at $61.59 million. The largest single liquidation order was witnessed on Binance, where up to $5.09 million went down the drain for the Ethereum trading pair against Tether (USDT) stablecoin.

Interestingly, the move saw Bitcoin price break above month-long trendline that acted as resistance. With the breakout pending confirmation, traders looking to long BTC should exercise caution because of expected weekend volatility.

At the time of writing, Bitcoin price is trading for $63,781. 

BTC/USDT 1-day chart