Quick Take
In a wild 24-hour ride, Bitcoin’s value underwent a rollercoaster of fluctuations, skyrocketing to a peak of $64,000, subsequently plunging to $59,000, before making a recovery to above $60,000.
![BTCUSD Bitstamp: (Source: Trading View)](https://cryptoslate.com/wp-content/uploads/2024/02/btcusd-1.png)
This climb triggered a wave of liquidations, totaling roughly $800 million in the digital asset ecosystem, according to Coinglass. During Bitcoin’s ascent, short positions were battered, while then long positions got liquidated due to Coinbase’s technical snag.
![Total Liquidations: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2024/02/Liq-4.png)
According to Coinglass, the $300 million liquidation in Bitcoin, split between roughly $200 million shorts and $100 million longs, represents the largest short liquidation event in the past three months.
Looking beyond the tumultuous 24 hours, Bitcoin continues its upward trend, notching a 44% gain in February alone. If the momentum holds through the last day of the month, Bitcoin will close with six consecutive months of gains – a monthly performance not seen since December 2020, according to Coinglass.
![BTC Monthly Returns: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2024/02/btc-8.png)
The post Bitcoin eyes six-month winning streak amid $300 million in BTC liquidations appeared first on CryptoSlate.
Source: https://cryptoslate.com/insights/bitcoin-eyes-six-month-winning-streak-amid-300-million-in-btc-liquidations/