After an impressive rally in bitcoin prices on Friday, the weekend started off well with prices rising back above $41,000.

After a week of sideways consolidation, Bitcoin has managed to recover nearly two weeks of price declines in two days. According to Cryptocurrency, the price of bitcoin rose nearly 14% to nearly $43,000 on Friday.

20220205-90.png.webp Source: Tradingview

As ethereum tops $3,000, cryptocurrency climbs

The price spike sent the entire market rallying with bitcoin. Total market cap also rose nearly 12% on Saturday. The top 10 cryptocurrencies (excluding stablecoins) all gained no less than 6% in the last 24 hours, with Polkadot (DOT), Terra (LUNA), and Coin (BNB) all posting double-digit gains.

20220205-91.png.webp Source: CoinGecko

Ether also managed to break through a key resistance level and recover $3,000, essentially mimicking the price action of Bitcoin. This comes 12 days after ETH hit an annual low of $2,151 on Coinan.

20220205-92.png.webp Source: Tradingview

Over $270 million liquidated in 24 hours

Late stage short sellers appear to be the biggest losers following the market's dramatic price action, with over $270 million in liquidations. Coinglass reports that nearly 40% of the liquidation in the last 24 hours came from bitcoin positions. Over 80% of these positions were short positions.

Ether liquidations accounted for approximately 25% of the total liquidations, with Solana (SOL) accounting for nearly 7% of the total, at $18.23 million. Other notable coins include Terra (LUNA), Sandbox (SAND) and XRP.

20220205-93.png.webp Source: CoinGlass

Is the Bitcoin Correction Complete?

Following this week's analysis of bitcoin's previous wave count, BeIn Cryptocurrency reports that the correction may be over as bitcoin completes its long-term fourth wave within the parallel channel of its current rise.

The next few days will represent an important view of where bitcoin may be headed. With the recent bullish rally, traders will be cautiously optimistic that the correction is complete.

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