In the past 24 hours, the cryptocurrency market has liquidated $55.63 million in leveraged positions. Bitcoin rose by 1.54% to reclaim the $70,000 level, with short positions liquidations more than double the long liquidations. This indicates that market selling pressure is easing.

Bitcoin and Ethereum moved up in sync with other major altcoins, with Dogecoin soaring 3.79%. Some analysts believe that short liquidations triggered the price increase. Market risk management strategies are being strengthened, and caution is advised regarding future price volatility.

The overall liquidation of leveraged positions in the market, combined with Bitcoin reclaiming the $70,000 level, has created a resonance that significantly impacts the market. On average, exchanges recorded over 70% of long positions liquidated, bringing leveraged position management back into focus.