Bitcoin appears to have broken free from its stagnant phase, demonstrating impressive gains twice within the past 48 hours.

During this period, BTC has surged by over three thousand dollars, coinciding with a surge in daily liquidations to well above $100 million.

The leading cryptocurrency experienced a significant downturn following the approval of nearly a dozen spot ETFs by the US SEC on January 10, particularly when they began trading the following day.

Over the subsequent two weeks, Bitcoin saw a decline of over ten thousand dollars, hitting a low of $38,500 on January 23. However, bullish momentum emerged, propelling BTC to $43,000, where it remained for just over a week.

Breaking the pattern of stagnation, Bitcoin initiated a climb yesterday, reaching $45,000 for the first time since the ETF approvals a month earlier. In the past 12 hours, it surged to another monthly high of over $46,000.

This upward movement hasn’t been exclusive to Bitcoin; several altcoins, notably SOL and ADA, have also seen significant gains during this period.

However, this volatility and price surge have resulted in losses for over-leveraged traders. According to data from CoinGlass, 37,000 traders were liquidated in the past day, with the total value of positions liquidated reaching $115 million.

Short positions have accounted for over $80 million of the total amount liquidated. The largest single liquidation, valued at over $5 million, occurred on Bitmex and involved the BTC/USD trading pair.

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