Bitcoin Price swings below $35000 amid $100 million liquidation

After a few days of relatively low volatility, the price of the most famous cryptocurrency has headed north once again, surpassing the coveted level of $35,000, before plunging down below it almost immediately.

Bitcoin is trading at $34243 at the time of writing. Somewhat expected, the move resulted in millions of dollars in liquidations.

Prior to its brief decline, the price of bitcoin was only a few minutes away from $35,000 earlier in the day. extending the general optimism that has recently prevailed in the industry. But the move was in vain because the price fell almost immediately after.

Over the last 24 hours, the total amount of liquidations has increased to nearly $100 million. Following rumours that the US Securities and Exchange Commission (SEC) might soon approve BlackRock’s application to introduce a spot BTC ETF in America, the leading digital asset last touched the $35K mark at the end of October.

According to analysts, this kind of move would raise the value of bitcoin. A possible price increase could also be influenced by the impending halving, widespread adoption, and institutional investors’ interest.