Bitcoin Surges Towards $71K After Record Short-Liquidation Wave
Bitcoin's price surged towards $71,000 after a record short-liquidation wave forced bearish traders out of leveraged positions. This move followed nearly $2.99 billion in total crypto liquidations over 24 hours, with short positions making up $2.74 billion, or about 92% of the total.
BTC led the total loss with around $1.42 billion in liquidations, while Ethereum followed with about $1.13 billion. The clearing of these bearish positions accelerated Bitcoin's rebound after it bounced from the $63,000 support area.
Crypto trader The Martini Guy noted that Bitcoin reclaimed $64,000, $65,700, and $67,200, turning those levels into new support zones.
The liquidation event stood out because bearish positions carried most of the damage. Traders can separate a short squeeze from a stronger bullish trend by watching what happens after forced buying fades. If Bitcoin holds above $67,200, it would show that buyers remain active after liquidations.