Bitcoin Breakout Wipes Out Over $140M in Shorts as BTC Surges Past $80,000
On September 3, Bitcoin (BTC) experienced a sudden and significant rebound from its 10-day low of $76,200 to above $80,000. This reversal was so rapid that it triggered a violent squeeze against bearish traders who had been shorting the asset.
The surge in Bitcoin's price quickly spread beyond the top cryptocurrency, with Ether (ETH) approaching $2,500, Binance Coin (BNB) climbing above $720, and XRP rising 9% daily. This synchronized gain across major cryptocurrencies turned a fragile market into an aggressive squeeze against bearish positioning.
The sudden reversal erased much of the weakness that followed Bitcoin's rejection near $80,000 last Friday after Kevin Warsh's hawkish Jackson Hole speech pushed the asset back toward $77,000 in an abrupt reversal. The move also caught many traders off guard, with nearly 110,000 traders being liquidated during the previous 24 hours.
The scale of trader losses was significant, with over $400 million in positions liquidated within 24 hours and more than $142 million coming from shorts. The single largest liquidation occurred on Binance and exceeded $5.2 million.