Coinglass reports show that bitcoin's jump to $44,000 led to the closure of a large number of short positions. Now the cryptocurrency is supported, probably, by a massive flight from risk against the background of the Russian-Ukrainian conflict.

Coinglass data showed that about $68 million of short positions on the main cryptocurrency have been liquidated in the last 24 hours. Last week, attitudes towards the crypto market improved. Western sanctions and unrest during the war contributed to the growth of cryptocurrency adoption in Ukraine and Russia.

It is worth noting that long positions accounted for 54% of the total volume of BTCUSD positions over the past 24 hours. In the broader market, the distribution of positions was closer to 50/50. Nevertheless, this week, long positions on bitcoin began to steadily increase.

Bitcoin Overtakes S&P 500

Bitcoin and other tokens have been outperforming broader financial markets over the past week. While the main cryptocurrency has grown by about 12%, the S&P 500 stock index has gained only about 1.9% compared to last Wednesday.

The total capitalization of the cryptocurrency market exceeded the $2 trillion mark for the first time in more than two weeks, while the fear and greed index improved from extreme fear to neutral.

What happens to other cryptocurrencies?

Among altcoins, Ethereum's jump to almost $3,000 has led to the liquidation of short positions by almost $43 million in the last 24 hours. Luna and SOL also had some of the largest short positions destroyed.

More broadly, the cryptocurrency rally over the past 24 hours has eliminated short positions totaling $176 million. The largest one-time liquidation order occurred on Obex and was a btc-tether swap worth $8 million.

Okex also had the highest concentration of short positions among the major crypto exchanges - about 53%.

Bitcoin: a protective asset or not?

The latest rally has also sparked new speculation about bitcoin's potential role as a safe haven asset. The cryptocurrency is holding up not just very well, but even surpasses gold.

Nevertheless, the resistance level of 44329.52 has not yet been taken. But something else is noteworthy. It looks like a double bottom has formed in the range between $34,000 and $44,000 per bitcoin. This is a reversal pattern. And if its border (44329.52) is broken with a confident consolidation higher, there is a high probability of growth by 8-10,000 dollars up. And the next target is the nearest strong resistance level of $52,000 per coin.