Over the weekend, Bitcoin's price fell to around $103,000 in the early hours of Saturday, May 31st. While Bitcoin has recovered, it is still more than 6% away from its all-time high of $111,814.
On May 30th, $202 million in BTC long positions were liquidated on the Binance derivatives exchange, marking the third-largest long liquidation in May, according to CryptoQuant data. This follows liquidations of $211 million on May 12th and $277 million on May 23rd.
Analysts suggest these liquidations could be positive for Bitcoin, creating a more stable foundation for price discovery. Funding rates remain low, signaling investor caution and potential for further growth.
As of today, the price of BTC stands at around $104,897, reflecting a 0.2% increase in the past 24 hours. This cautious stance of investors could be positive for the Bitcoin price and the upward trend.