Bitcoin Shorts Wiped Out as Price Surges Past $65K

A major short position in Bitcoin was wiped out yesterday after the cryptocurrency broke above $65,000. According to blockchain.news, gambler 0x8c96's 1,800 BTC ($117M) short position triggered partial liquidation, resulting in a loss of $23.36 million.

The remaining 1,440 BTC ($93.3M) position is now facing a new liquidation price at $65,041.72. This indicates that any further decline in the price of Bitcoin could result in even more significant losses for the gambler.

The price action on the 4h chart shows Bitcoin trading near upper resistance at $64,814.54, with the RSI(14) sitting at 71.21 in overbought territory and MACD registering a bullish golden cross at 283.64. However, the EMA50 at $63,749.36 is acting as a key support level, suggesting that a measured pullback toward this level may be probable before continuation higher.