Bitcoin surges above $1,000 in a matter of hours while daily liquidations exceed $110 million

The price of Bitcoin has remained relatively stable over the past few days, moving in a narrow range between $39,000 and $40,000.

It managed to recover from the Jan. 23 plunge as the price fell to $38,000, sending ripples throughout the market followed by consolidation.

However, today BTC price is recovering aggressively and has risen by more than $1,000 in the last few hours alone.

Source: CoinGecko

Interestingly, the surge came on the day it was announced that the US government had received the green light to sell another batch of BTC linked to the infamous dark web marketplace Silk Road.

The recent surge also saw the derivatives market unwind $110 million worth of positions. About $70 million of that is short sellers.

It will be interesting to see whether the newfound rally is sustainable and whether it will result in a continuation of the predominantly bullish momentum we have seen over the past few months.

Finally, the 2024 Bitcoin halving is scheduled to take place in April.

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