$300M in crypto liquidations accompanies Bitcoin's overnight surge to $44K

A two-phase surge sees BTC/USD add 15% on the back of continued macro market turmoil.

$300M in crypto liquidations accompanies Bitcoin's overnight surge to $44K

Bitcoin (BTC) hit $44,000 overnight on Mar 1 as a rally that began Monday sparked unexpected results. 

Source: TradingView

Trader warns of "massive variables" for BTC price, BTC/USD reaching $44,250 on Bitstamp before consolidating, still above $43,000 at that time. 

Against a highly uncertain macro backdrop, analysis had been hard-pressed to forecast what Bitcoin price action would do next, a mood that continued as local highs appeared.

Looking ahead to the month of March, popular trader and analyst Pentoshi noted that even more triggers were about to be added to the macro mix.

"Want to state, March is a month of massive variable," he said Twitter followers on the day. 

"So I think the day-to-day approach is best. There is a lot going on in the world right now. It's anyone's guess. I'm leaning towards yearly open still, but after that, it's waiting and see."

Also admitted that he "did not see coming" the extent of Bitcoin's rapid gains, despite adopting a more bullish posture in Feb. 

Ongoing Russia-Ukraine war, The U.S Federal Reserve is due to make a decision on key interest rate hikes this month. U.S consumer price index (CPI) data is due March 10. 

Bears took a hit from the latest events, with cross-crypto liquidations totaling $305 million in 24 hours, data from monitoring resource Coinglass showed.

Source: Coinglass

Read: Bitcoin is now more valuable than Russian Ruble in terms of market capitalization