$300M in Crypto Liquidations Accompany Bitcoin’s Rise to $44K

Bitcoin (BTC) hit $44,000 overnight on March 1 as a rally that started Monday led to unexpected results.

BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView

Traders Warn of “Huge Variables” for BTC Price

Data from Coin-Crypto Markets Pro and Trading Display showed that BTC/USD reached $44,250 on Bitstamp before consolidating, still above $43,000 at the time of writing.

The move had come in two big blows, starting just before Wall Street opened.

Against a highly uncertain macro backdrop, analysts had a hard time predicting what Bitcoin’s price action would do next, a mood that persisted as local highs appeared.

Looking ahead to March, popular trader and analyst Pentoshi noted that more triggers would be added to the macro mix.

“You mean March is a month of huge variables,” he said told Twitter followers on the day.

“So I think the daily approach is best. There is a lot going on in the world right now. It’s a mystery. I’m still leaning towards an annual opening, but after that it’s just a matter of waiting.”

he does allowed that he “didn’t see the magnitude of Bitcoin’s rapid gains coming” despite adopting a more bullish stance in February.

Aside from the ongoing war between Russia and Ukraine, the US Federal Reserve is set to make a decision on key rate hikes this month. Data on the US Consumer Price Index (CPI) is expected on March 10.

Bears, meanwhile, took a hit from recent events, with cross-crypto liquidations totaling $305 million in 24 hours, data from monitoring source coin glass showed.

Graph for crypto liquidations. Source: Coinglass

LUNA shines as altcoins bounce back

Bitcoin thus outperformed most of the top ten cryptocurrencies in terms of market capitalization, with 24-hour returns of 15%.

Related: War Puts BTC Price to the Test – 5 Things to Watch in Bitcoin This Week

Ether (ETH) managed to add around $370 to hit local highs of $2,970, still unable to crack any major resistance higher.

However, the crown was once again taken by Terra (LUNA), who added more than 20% to almost double in just seven days.

LUNA/USD 1-Day Candlestick Chart (Binance). Source: TradingView

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