The Bitcoin price was trading at $64,140 as of 3:00 am EST, up 5.6% over the last 24 hours.

Data from TradingView revealed that BTC rose from a low of $59,691, climbing 8.8% to an intraday high of $64,979 on April 19. The big crypto has painted a large hourly candle, recouping all the losses made during the late New York trading session on April 18.

TradingView Chart: BTC/USD 1-hour

Accompanying Bitcoin's performance are massive liquidations across the crypto market. Data from Coinglass, more than $283 million leveraged crypto positions have been liquidated over the last 24 hours, with $172.62 million liquidated over the last 12 hours alone.

Short Bitcoin liquidations amounted to $51.8 million, with the tally continuing at the time of publication.

Total crypto liquidations. Source: Coinglass

This means that short traders were caught off-guard on BTC's return to $64,000. The largest single liquidation order occurred on OKX involving a SOL/USDT swap valued at $4.2 million.

Bitcoin price gears up for recovery 16 hours to the halving

The BTC price had formed a descending parallel channel on the daily chart, as shown below. Bitcoin's rally above $64,000 saw the asset escape from this bearish chart pattern, confirming a bullish breakout.

A daily candlestick close above the upper boundary of the prevailing chart pattern at $63,311 would boost the pioneer cryptocurrency toward the $65,000 psychological level and later to the upper top of the channel at $75,000. This would represent a new all-time high for BTC, representing a 15% uptick from the current price.

TradingView Chart: BTC/USD

The relative strength index (RSI) showed an extended downtrend far from overbought conditions, suggesting that the sell-off may have run out of steam. This oscillator was facing upward, and the value had increased from 38 to 46 over the last 36 hours, suggesting that buyers were returning to the scene.

On the downside, a daily candlestick close below $63,311 would indicate the inability of the buyers to sustain higher levels. The BT price will drop back into the confines of the declining channel with the middle boundary of the channel at $60,600 being the first level to watch on the downside. Below that, the psychological level at $60,000 and the lower boundary of the channel at $57,500 were additional defense lines.