Bitcoin ended March on a high note, closing the month with its highest monthly and quarterly prices surpassing $70,000. The leading digital asset has seen substantial growth in 2024, with a year-to-date increase of over 57%, driven by growing institutional adoption and investor interest.
However, the new quarter kicked off with a sudden downturn as Bitcoin dropped to $69,000 on April 1st. This resulted in over $218 million in liquidations across the digital asset market in the past 24 hours, according to data from Coinglass.
Of the total liquidated amount, $151 million came from long positions being wiped out, with the remainder from liquidated short positions. Liquidations occur when an exchange closes a trader’s leveraged position due to either partial or total loss of the trader’s initial margin.
Data from Coinglass also reveals that Bitcoin is currently down only 2.4% in the 14th week of 2024. However, historically, this week has been Bitcoin’s worst performing week of the year. Since 2013, Bitcoin has seen an average loss of 4.75% during the 14th week, with most of the negative returns concentrated in the years 2013-2015.
The first week of April has historically been a challenging period for Bitcoin, according to historical data.
