The asset is challenging its $20,000 resistance for the first time in weeks.
Following days of inactivity, Bitcoin was struck by another wave of upward volatility on Tuesday. After nearly reaching $20,000, the asset left $100 million in liquidations in its wake.
Bitcoin’s price sat at roughly $19,270 at 12:40 UTC on Tuesday, before rapidly climbing upwards over the next few hours.
The coin touched $19,500 about an hour later, experiencing another hour of flat trading before climbing again to $19,834 by 16:00 UTC. The price is now $19,792, at writing time.
Data from Coinglass shows that $50 million in crypto trades have been liquidated over the past hour alone, with $112 million being squeezed over the past day.
The largest single liquidation took place on Binance for a BTC/USDT trade, with a value of $1.01 million.
However, the vast majority of liquidations in the past hour – $42.93 million – have come from the Ethereum camp. The second largest crypto also climbed from roughly $1,350 to over $1,400 on Monday, in tandem with Bitcoin.
Big price moves have been rare in crypto for the past several weeks, with Bitcoin now showing volatility comparable to the British pound.
Andrew is content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
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