Bitcoin Shorts Suffer $1.13B Brute Liquidation in Record Hour

A brutal liquidation of Bitcoin shorts has left the cryptocurrency market reeling, with a staggering $1.13 billion in short positions erased in just one hour.

The sudden and drastic correction saw the entire 1,800 BTC position ($117 million) of address 0x8c96 liquidated, along with the full 677 BTC ($44 million) of address 0x431f and 500 BTC ($33 million) of address 0x004e.

The price action suggests that Bitcoin is currently testing its upper Bollinger resistance at $67,573.65, while the Relative Strength Index (RSI) sits at 85.71, indicating an overbought condition. The Moving Average Convergence Divergence (MACD) remains bullish at 878.04, hinting at a probable retracement toward the EMA50 support level at $64,257.54.

Traders are now weighing whether this flush will prevent a crypto market crash or simply reset leverage ahead of the next leg, with some considering the impact of AI industry advancements on trading algorithms and order-flow dynamics.