{"id":8906,"date":"2022-03-01T08:53:46","date_gmt":"2022-03-01T08:53:46","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/300m-in-crypto-liquidations-accompanies-bitcoins-surge-to-44k\/"},"modified":"2022-03-01T08:53:48","modified_gmt":"2022-03-01T08:53:48","slug":"300m-in-crypto-liquidations-accompanies-bitcoins-surge-to-44k","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/300m-in-crypto-liquidations-accompanies-bitcoins-surge-to-44k\/","title":{"rendered":"$300M in crypto liquidations accompanies Bitcoin’s surge to $44K"},"content":{"rendered":"
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Bitcoin (BTC) hit $44,000 overnight on Mar. 1 as a rally that began Monday sparked unexpected results.\u00a0<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Traders warns of “massive variables” for BTC price<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD reaching $44,250 on Bitstamp before consolidating, still above $43,000 at the time of writing.<\/p>\n

The move had come in two main bursts, beginning just prior to the Wall Street open.<\/p>\n

Against a highly uncertain macro backdrop, analysts had been hard-pressed to forecast what Bitcoin price action would do next, a mood that continued as local highs appeared.<\/p>\n

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Yesterdays #BTC<\/a> trade we took with the group. <\/p>\n

Didn’t expect it to run that hard tbh. Would have raised TP probably because I think it can do 1 more leg up before some correction. Red box was for the entire move, now 1 more (smaller) leg to go imo. <\/p>\n

Nice, quick profit pic.twitter.com\/1suDz8pk7p<\/a><\/p>\n

\u2014 Crypto_Ed_NL *not asking to send DM’s* (@Crypto_Ed_NL) March 1, 2022<\/a><\/p><\/blockquote>\n

Looking ahead to the month of March, popular trader and analyst Pentoshi noted that even more triggers were about to be added to the macro mix.<\/p>\n

“Want to state, March is a month of massive variables,” he told<\/a> Twitter followers on the day. <\/p>\n

“So I think day to day approach is best. There is a lot going on in the world right now. It’s anyones guess. I’m leaning towards yearly open still, but after that it’s wait and see.”<\/p><\/blockquote>\n

He nonetheless admitted<\/a> that he “did not see coming” the extent of Bitcoin’s rapid gains, despite adopting a more bullish posture in February.<\/p>\n

Aside from the ongoing Russia-Ukraine war, the U.S. Federal Reserve is due to make a decision on key interest rate hikes this month. U.S. consumer price index (CPI) data is due March 10.<\/p>\n

Bears meanwhile took a hit from the latest events, with cross-crypto liquidations totalling $305 million in 24 hours, data from monitoring resource Coinglass showed.<\/p>\n

Crypto liquidations chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n

LUNA shines as altcoins rebound<\/h2>\n

Bitcoin thus outperformed most of the top ten cryptocurrencies by market cap, with 24-hour returns hitting 15%.<\/p>\n

Related:\u00a0War puts BTC price to the test \u2014 5 things to watch in Bitcoin this week<\/em><\/strong><\/p>\n

Ether (ETH) managed to add around $370 to reach local highs of $2,970, still unable to crack major resistance higher up.<\/p>\n

The crown was once again taken by Terra (LUNA), however, which added over 20% to nearly double in just seven days.<\/p>\n

LUNA\/USD 1-day candle chart (Binance). Source: TradingView<\/em><\/figcaption><\/figure>\n<\/div>\n