Trail of Destruction: Bitcoin’s $13,000 Rally Liquidated $360m in Short Positions
- Bitcoin’s price has stabilized at just below $13,000 following its immense surge seen yesterday
- The cryptocurrency has been flashing continued signs of strength as of late, and its ability to maintain its recent gains is decisively bullish
- While looking back on the aftermath of yesterday’s move, its magnitude and influence over the market grows clear
- According to one data platform, a total of $360 million in BTC short positions were liquidated throughout the course of the rally
- Traders are now actively jumping into positions, with open interest for Bitcoin surging past $4 billion
While sharing insights into the impacts of the recent rally on the markets that underpin BTC, one data platform observed that over 0 million worth of Bitcoin short positions were liquidated.
“Bitcoin yesterday, a summary – Price hit ,250 – Open interest above billion – One of the most intensive trading day over the last 5 months. BILLION traded on [the futures] markets! – Shorts worth 0 million got liquidated.”
At the time of writing, Bitcoin is trading up marginally at its current price of ,850. This is around where it has been consolidating in the time following its massive surge up to highs of ,200 yesterday afternoon.
Bitcoin and the entire crypto market have been caught in the throes of a strong bull trend throughout the past few days.
Featured image from Unsplash.
BTCUSD Pricing data from TradingView.
Growing open interest following this surge indicates that further volatility could be imminent in the coming days and weeks ahead.
This movement’s intensity throughout the past couple of days suggests that Bitcoin truly is entering a full-fledged bull market and may indicate that further gains are right around the corner.
Data Shows Over $300 million in BTC Shorts Were Liquidated Yesterday
Its price is now rapidly ascending back towards ,000 despite a slight rejection here earlier, and it does appear that further upside could be imminent.
They also note that open interest is once again surging, now sitting above billion for the first time in quite a while.
While speaking about the effects this latest push towards ,000 had on the underlying market, one research firm noted that it was a bloodbath for bears.
Although Bitcoin kicked off this bull trend in the absence of altcoins rallying, smaller digital assets are now catching up.
In total, 0 million in short positions were liquidated.
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