Bitcoin (BTC) climbed above $74,000 on July 5, while Ether (ETH) moved past $2,200, lifting sentiment across the crypto market. The sharp move also triggered a wave of liquidations in derivatives trading.
Bitcoin clears a key price level as Ether follows
The source said Bitcoin’s move through the $74,000 mark helped push the broader market higher, with Ether advancing at the same time and breaking above $2,200. Market commentary in the report linked the rally to improving sentiment, supported by continued institutional inflows, a rebound in Bitcoin ETF trading volume, and some safe-haven flows shifting toward Bitcoin during rising geopolitical tension in the Middle East.
The $74,000 level was described as a psychological threshold. After the breakout, attention turned to whether Bitcoin could test higher resistance levels. At the same time, the report noted that crypto volatility remains elevated, and traders are still watching short-term profit-taking pressure, shifts in global economic data, and developments in the Middle East.
$570 million liquidated in 24 hours, shorts take the biggest hit
According to CoinGlass, a total of 130,179 traders were liquidated across the market in the past 24 hours, with overall liquidations reaching about $570 million. Short positions made up the bulk of that figure, accounting for $474 million.
The numbers show that the rally did more than lift spot prices. It also forced a rapid unwind of bearish leveraged positions. Heavy short liquidations in a short period added to the speed of the move and amplified market volatility.