The cryptocurrency market experienced significant price swings in the last 24 hours, leading to total liquidations in the perpetual futures segment reaching $1.24 billion. Bitcoin (BTC) was the focus of attention, with its price fluctuating between $106,500 and $99,651. This resulted in traders losing $261 million in margin positions, with the majority of losses on the long side. Surprisingly, BTC quickly rose above previous highs to hit an all-time high of $109,588. The future direction of BTC remains uncertain, and there are many unanswered questions regarding the bearish narrative that has driven cryptocurrency prices this month.



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