Bitcoin short liquidations spiked above $24 million in the past 24 hours as the price rebounded from a multi-month low of below $57,000 on Monday.
Bitcoin is holding above the $59,000 mark, having posted a 3% increase in the past 24 hours, and was trading at $57,471 at 5:45 a.m. ET, according to The Block’s Price Page. The price of ether increased by 1.3% to $2,984 in the same period.According to YouHodler risk manager Sergei Gorev, technical and fundamental analysis indicators show optimistic signs for the crypto market as it moves into the month of May.
However, the analyst stressed that a further price correction over the next week is still likely. "We do not exclude the fact that the corrective movement may be deeper, as the 61.8% Fibonacci golden ratio level at the level of $52,000 per one BTC, is still potentially untouched," he told The Block.The bitcoin price uptick comes after spot bitcoin exchange-traded funds in the U.S. experienced a net outflow of $34.
Bitcoin dominance edged down slightly over the past day to 50%, with ether dominance seeing a slight uptick to 15.4%, according to Coingecko data. The global cryptocurrency market cap increased by 3.7% in the past 24 hours and now stands at $2.34 trillion, according to The Block's Prices Page.