Bitcoin rallies to $65,000, triggering over $120 million in liquidations in 24 hours

Quick Take
Bitcoin’s recent surge to $65,000, a level last seen on May 6, has sparked significant volatility in the digital assets market. Bitcoin has now seen a roughly 15% rally from the lows of May 1.
BTCUSD: (Source: TradingView)
Coinglass data shows that Bitcoin is now up over 5% on May 15, which has resulted in over $120 million worth of liquidations in the past 24 hours in the digital asset ecosystem. Both long ($54 million) and short positions ($66 million) were affected. While Bitcoin has borne the brunt of these liquidations ($37 million), it has slightly retraced and is hovering below the $65,000 mark.
Interestingly, a substantial amount of leverage is positioned above $65,000, with hundreds of millions of dollars worth of leverage concentrated around the $67,500 level, just shy of $1 billion, according to Coinglass data.
Binance BTC/USDT Liquidation Heatmap: (Source: Coinglass)
The tailwinds propelling Bitcoin’s ascent include the weakening of the US Dollar Index (DXY), which has broken below 105 after US CPI came in line with expectations.
DXY Index: (Source: TradingView)
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