Bitcoin Breaks Through $73,000 Resistance, Triggering Massive Liquidations

The cryptocurrency market experienced a significant shift on Monday as bitcoin's price broke through the $73,000 resistance level that had previously capped every rally since February.

The surge in bitcoin's price to $74,484 triggered $534 million in crypto liquidations, with $430 million coming from short bets. This marks the second major squeeze in less than a week, indicating that many traders were heavily positioned against the market.

Ether led the majors with a 7.7% jump to $2,366, outperforming bitcoin by a wide margin. The increase in ether's price can be attributed to a combination of factors, including ETF flows and spot prices moving in the same direction for the first time in months.