Bitcoin Sees Seven-Month Gain Streak Amid Surges and Liquidations

By: Eva Baxter

Bitcoin is set to achieve a rare seven-month run of gains according to analytics provider Glassnode. This signals only the second instance of such a performance in Bitcoin's history, the last being in 2012. Between 2012 and now, Bitcoin's value witnessed dramatic growth, from $4.89 to $12.37 and then from $27,000 to $66,000, marking price appreciations of around 153% and 144% respectively.

Despite this, Bitcoin's price movements remained volatile with sharp surges and retreats. This led to multiple liquidations, particularly for those expecting the crypto's prices to decline. Data from Coinglass revealed approximately 86,047 traders faced losses exceeding $250 million within 24 hours following a quick bounce above $67,000. Major exchanges like Binance, OKX, Bybit, and Huobi accounted for most of these liquidations, with Binance seeing the most at $128.7 million.

Bitcoin faced further hurdles as it struggled to stay above the $68,000 resistance, closing below $66,000 while analysts suggest more downturns before recovery. Despite slowing Bitcoin spot ETF net flows and large outflows from Grayscale ETF GBTC, Bitcoin's price managed to reclaim the $66,000 marker, displaying market resilience and possible signs of future price growth.

Now, the world waits to see whether Bitcoin can hold onto its seven-month green streak and continue its volatile fluctuation patterns amid unstable global market conditions.