"Bitcoin hit $79,490 on April 27 before a sharp retreat following news of a proposed U.S.-Iran ceasefire. Market volatility exceeding 2.63% saw Coinglass report $56.8 million in short liquidations in 12 hours."
"The price volatility, which Coinglass data showed exceeded 2.63%, resulted in approximately $56.8 million in bitcoin short liquidations over 12 hours, compared to $38 million in longs."
"Iran delivered its proposal via Pakistani mediators, suggesting an extended ceasefire and the reopening of the strait in exchange for a pause in the U.S. naval blockade."
Bitcoin's price fluctuated dramatically on April 27, reaching a high of $79,490 before falling to $77,500. This volatility was triggered by Iran's proposal for a ceasefire with the U.S. and reopening the Strait of Hormuz. The market saw over $56.8 million in short liquidations within 12 hours. Despite the drop, analysts like Michael van de Poppe suggest a potential breakout above $84,000, indicating a possible end to the bear market after a 15% gain in April. The situation reflects broader geopolitical tensions affecting cryptocurrency markets.
Read at news.bitcoin.com
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