$335 million in crypto liquidated as Bitcoin surges to $44,000

Bitcoin (BTC) hit $44,000 today as a rally that started on Monday produced unexpected results.

BTC 1-hour price chart | Source: TradingView

Trader warns of massive volatility in Bitcoin price

Data from TradingView shows BTC/USD hit $44,250 before consolidating on Bitstamp and is currently holding above $43,000.

Amid the macro uncertainty, trader Crypto_Ed_NL thinks it’s difficult to predict what the next bitcoin price action will be. If local highs appear, the market is likely to continue slightly higher before correcting.

Heading into March, trader and analyst Pentoshi notice that with the current macro situation, more entry price zones could appear. He said March will be a month of many big changes.

“People have to watch the market every day. There’s a lot going on in the world right now and I’m biased towards BTC heading towards the annual open zone.”

However, he also acknowledged that BTC is unlikely to rise quickly, despite inheriting some bullish signals in February.

Amid the ongoing war between Russia and Ukraine, the US Federal Reserve (Fed) is set to make a decision on interest rate hikes this month. US Consumer Price Index (CPI) data will be released on March 10th.

Meanwhile, data from Coinglass shows that bears have been affected by recent events, with $335 million worth of crypto liquidations taking place over the past 24 hours.

Liquidation on the cryptocurrency market | Source: coin jar

LUNA shines as altcoins rally

Bitcoin has outperformed the top 10 cryptocurrencies by market cap with a 15% 24-hour return.

Ether added around $370 and hit a local high of $2,970 but failed to break higher resistance.

However, the crown once again called itself Terra (LUNA) as it had impressive growth, up more than 50% in the last 7 days.

LUNA Pricing Chart | Source: TradingView

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