Bitcoin Shorts Squeezed: $76M Liquidated in 24 Hours

Bitcoin (BTC) experienced a dramatic market shift, sending shockwaves through the crypto trading community. Over the past 24 hours, short positions betting against Bitcoin were aggressively liquidated, resulting in a significant market event. According to Coinglass data, nearly $100 million in bitcoin short positions were liquidated on centralized crypto exchanges.

Massive Bitcoin Short Squeeze Fuels Price Surge

The surge in Bitcoin's price triggered a cascade of liquidations. Total liquidations across all positions reached $97.06 million, driven by $10.98 million in long positions and a staggering $85.08 million in shorts being wiped out. This indicates a strong upward momentum for Bitcoin, fueled by the forced closure of short positions.

Bitcoin {BTC} galloped to a new local high, breaking resistance levels and surprising many analysts. The liquidations exacerbated the price increase, creating a positive feedback loop that propelled BTC even higher.

Bitcoin's Upward Trend Continues

The bitcoin market shows continued strength. Over the past 24 hours, BTC is up 4.8%, while open interest is up by 17% despite hundreds of millions being liquidated. This suggests that new capital is entering the market and traders are increasingly bullish on Bitcoin's prospects.

This surge follows a recent milestone. El 6 de noviembre, Bitcoin (BTC) alcanzó un nuevo máximo de 75,000.85 dólares en Coinbase, rompiendo su pico anterior de 73,679 dólares establecido el 13 de marzo, lo que liquidó even more short positions at the time. While these figures aren't directly related to the current $76M/$100M liquidation event, they highlight Bitcoin's potential for rapid price appreciation and the risks associated with shorting the cryptocurrency.

Traders should exercise caution and manage risk appropriately in this volatile market. The $76M liquidation event serves as a reminder of the power of short squeezes and the importance of staying informed about market dynamics.