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Bitcoin recovers to $49.7k after failing to find support above $50k

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Bitcoin (BTC) saw its price recover above $49,700 on the evening of Feb. 13 — closing in on its earlier daily high.

As of 9:50 pm UTC, Bitcoin was priced at $49,726. Though Bitcoin is down 0.4% over 24 hours, that price represents 0.7% growth over 1 hour and 2.8% growth from its daily low.

Bitcoin’s $49,726 price notably represents a partial recovery to $50,000, a milestone it surpassed on Monday for the first time since December 2021. After touching $50,240 for the last time at 10:00 a.m., BTC fell by 3.7% to $48,385 over several hours.

Bitcoin responsible for 43% of hourly liquidations

Bitcoin was responsible for much of the crypto market’s $6.48 million liquidations over the past hour. BTC’s $2.81 million in liquidations accounted for about 43% of that total, while Ethereum’s $1.83 million accounted for another 28%.

The overall total is largely made up of short liquidations. Short liquidations accounted for $6.24 million, while long liquidations accounted for the remaining $227,000.

Liquidation data via Coinglass

Bitcoin ETF volume reached $1.93B

Finally, the Bitcoin ETF market saw $1.93 billion in volume today. Spot Bitcoin ETFs (as opposed to Bitcoin futures ETFs) accounted for $1.56 billion of that volume. Funds from Grayscale, BlackRock (iShares), and Fidelity reported the three largest volumes.

Bitcoin ETF data via Coinglass

The post Bitcoin recovers to $49.7k after failing to find support above $50k appeared first on CryptoSlate.

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