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Market Rebounds as Bitcoin (BTC) Breaks $41,000, Ethereum (ETH) Reclaims $3,000

2 mins
Updated by Ryan James
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In Brief

  • Bitcoin has surged nearly 14% to climb back over $40,000 over the weekend.
  • Altcoins have also enjoyed relief bounces as ethereum reclaims $3,000.
  • Total liquidations over the last 24 hours totaled nearly $270 million.
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The weekend started off well for bitcoin following an impressive price resurgence on Friday, as the price climbed back over $41,000.

Following a week of sideways action, bitcoin managed to recover nearly two weeks of price decline within the space of two days. The price of bitcoin on Friday climbed nearly 14% touching just under $43,000, according to Binance.

Source: Tradingview

Altcoins also climb as Ethereum breaks $3,000

The surge in price saw the entire market rebound with bitcoin. The total market capitalization was also up nearly 12% on Saturday. The top 10 altcoins, excluding stablecoins, all saw gains of no less than 6% over the course of the last 24 hours, with Polkadot (DOT), Terra (LUNA) and Binance Coin (BNB) all seeing double figure gains. 

Source: CoinGecko

Ethereum also managed to break a key resistance level and reclaim $3,000, essentially mimicking bitcoin’s price action. This comes just 12 days after ETH hit a yearly low of $2,151 on Binance.

Source: Tradingview

24 hour Liquidations top $270 million

Following the dramatic price action within the markets, late shorters appeared to be the biggest losers as liquidations topped $270 million. Coinglass reports that nearly 40% of the liquidation over the last 24 hours came from bitcoin positions. Over 80% of those positions were short positions. 

Ethereum liquidations accounted for roughly 25% of the total liquidations, with Solana (SOL) making up nearly 7% of the total, with $18.23 million. Other notable coins include Terra (LUNA), The Sandbox (SAND) and XRP. 

Source: CoinGlass

Bitcoin correction complete?

Following previous wave count analysis of bitcoin this week, BeInCrypto reported that the correction could be over as bitcoin had completed its long-term wave four inside the current ascending parallel channel. 

The next few days would represent an important view on which direction bitcoin would likely go. With the recent bullish bounce, traders will be cautiously optimistic that the correction is complete. 

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Ryan James
Ryan Boltman is a dynamic and experienced professional with a rich background in marketing management, business development, and cryptocurrency journalism. With a BCOM in Marketing Management from the University of South Africa and an Honors in Business Management, Ryan has honed his expertise across multiple countries including South Africa, the USA, and the Netherlands. His career includes significant roles in customer success, sales management, and content creation within the blockchain...