Bitcoin has reclaimed the $63,500 milestone after a tumultuous period of market volatility that saw more than $150 million in leveraged Bitcoin positions being liquidated. Following a rollercoaster 24-hour period where Bitcoin hit a recent low of $69,900, the leading cryptocurrency bounced back, marking a 1% increase in value within the past day. As of 7:50 a.m. ET, Bitcoin was trading at $63,559, according to data from The Block's Price Page.

The volatile price action prompted significant liquidations of both long and short positions on centralized exchanges. This turbulence led to the liquidation of over $150 million worth of Bitcoin positions, with more than $78 million in longs and over $72 million in shorts liquidated, as reported by CoinGlass data. While the second-largest cryptocurrency, Ether, saw a modest 0.3% uptick to $3,262 at 7:48 a.m. ET, SOL, the native token of the Solana network, dipped over 2% during the same period, based on The Block’s Prices Page.

Overall, the crypto market witnessed over $275 million in liquidated long positions in the past 24 hours alone, contributing to a staggering $428 million in liquidations across various centralized exchanges. Liquidations occur when traders' positions are forcibly closed due to insufficient funds to cover losses, typically resulting from unfavorable market movements that deplete their initial margin or collateral.