After a choppy price action throughout the past couple of days, the Bitcoin price has taken off, pushing above the pivotal $60K level today.

As seen in the chart below, the move happened suddenly as BTC exploded by more than $1,000 in a single hourly candle.

Source: TradingView As CyrptoPotato reported earlier, the $60K mark is very important from a technical perspective. Moreover, at the time of this writing, the cryptocurrency is pushing toward $61K, approaching the decisive 200-day moving average, which is located around $63K.

If the price manages to push above it, this would send positive signals across the market and renew hopes of an extended rally.

Meanwhile, the sudden move has also caused a spike in liquidations, with over $100 million worth of derivatives positions being wiped out in the past 24 hours.