Bitcoin (BTC) Price Rejected at $53,000, Leaving Nearly $300 Million in Liquidations (Market Watch)

Bitcoin rose by several hundred dollars yesterday, reaching $53,000 for the first time in over two years, but faced heavy rejection at the time.

Most altcoins are also significantly in the red on a daily basis, including significant declines in ADA, AVAX, SOL, ICP, APT and others.

Bitcoin touches but fails at $53,000

The major cryptocurrency has seen an impressive rally in recent weeks, rising from under $40,000 to over $50,000. This comes as recently approved spot Bitcoin ETFs in the US attracted billions of dollars in their first few weeks of trading.

The asset's price has risen above $52,000 a few times recently but failed to sustain the momentum towards $53,000. This finally happened yesterday as bulls initiated another increase and reached this level to mark a new high since the end of 2021.

However, the bears quickly intercepted the move and pushed BTC lower. In a sharp rejection, the price of the cryptocurrency plunged by more than two grand in an hour, falling below $51,000.

After another failed attempt to recoup most of the losses, BTC is now just above $51,000. This increased volatility, as well as the performance of alts, resulted in nearly $300 million in liquidations over the past day, with long positions accounting for two-thirds.

Its market cap is on the verge of losing the $1 trillion mark, while its dominance over alts has remained at the same level – 49.2%.

BTCUSD. Source: TradingView

Alts in retrace mode

Most altcoins, including Ethereum, also briefly rose yesterday. The second-largest digital asset rose to just over $3,000 for the first time since April 2022, but has since lost almost $100 and is now around $2,900. Binance Coin has continued its run and is now up 2.4% to $362.

The rest of the larger caps are now in the red. Cardano (-5%) has sold the most out of this asset cohort, followed by SOL, AVA, DOT, LINK, TON, ICP, APT, NEAR and others.

The total crypto market cap fell slightly overnight and stands at $2.050 trillion on CoinGecko.

Overview of the cryptocurrency market. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.

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