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Bitcoin fell to $59 thousand after the breakout, but subsequently resumed growth

Bitcoin, after updating its all-time high, sharply fell to $59 thousand. However, today, March 6, the first cryptocurrency resumed growth.

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According to TradingView data, after reaching $69 thousand on March 5, which became the maximum value for the entire trading period, Bitcoin rolled back by 10 thousand in 5 hours .

Bitcoin hourly chart March 5-6, 2024/Source: TradingView

Against this background, the volume of liquidations on futures on the cryptocurrency market amounted to more than $1 billion in 24 hours. The positions of 296,988 traders were liquidated. Approximately $818 million in losses occurred on long positions, almost $235 million on short positions.

However, after such a sharp collapse, the price began to recover and at the time of writing the news, Bitcoin was trading in the range of $66-67 thousand.

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