Bitcoin, the world’s largest cryptocurrency, has experienced a significant recovery in the last hour and is trading at $65,720, exceeding the critical threshold of $65,000 at the time of writing this article.

BTC gained approximately 3% in value after the drop to around $63,000 during the day.

A total of 143 million dollars of liquidation was observed in the cryptocurrency market during the day with high volatility. Interestingly, despite the price increase, the majority of these, $87 million, were seen in long positions.

As expected, the most liquidated cryptocurrency was BTC with $45 million. Ethereum ranked second with $32 million.

Chart with hourly candles showing the recent rise of the BTC price.

Il Capo, one of the most well-known analysts in the cryptocurrency world, made a statement on the subject after the rise.

The analyst had said that after the $60,000 to $61,000 area was recaptured by BTC, the price was based on the next resistance at $65,000. According to the analyst, a breakout above the $65,000 level confirms the bullish scenario. The analyst presented a bullish scenario if $65,000 is breached steadily. He argued that the next target will be the liquidity zone between $72,000 and $76,000.

In his last comment, the analyst published a message saying “here we go” after the rise.

*This is not investment advice.