The price of the flagship cryptocurrency, Bitcoin (BTC), surged to over $94,000, triggering a wave of liquidations that swept through the cryptocurrency market, wiping out more than $650 million worth of leveraged positions in just 24 hours.
According to data from CoinGlass, short sellers took the brunt of the damage, with $570,5 million worth of short positions being liquidated in the aforementioned period, compared to around $87.2 million worth of long positions liquidated.
More than $635 million in leveraged positions were wiped out in just 24 hours.
Bitcoin alone accounted for nearly $300 million in short liquidations after its price jumped 5.6% in a single day, reaching its highest level in a month and a half. Ethereum followed with an 11% rally, triggering over $119 million in short liquidations.
The price movement has prompted growing speculation about a potential short squeeze—a scenario in which bearish traders are forced to buy back assets at higher prices to close their positions, thereby pushing prices even higher.
Bitcoin’s Price to $100,000, Says Analyst
Crypto analyst Mister Crypto highlighted that liquidity is accumulating near the $100,000 mark, suggesting a large number of traders have open positions or orders that could act as fuel for further upward movement if triggered.
A heatmap shared by the analyst shows an unusual concentration of trading activity around the $100,000 level on Binance’s BTC/USDT market. This clustering suggests that many traders have stop-loss or liquidation thresholds around that round number, making it a potential flashpoint.
The impact of the recent move has been widespread. Bybit led in liquidation volume, with nearly $267 million cleared from traders’ accounts, primarily due to short positions. Binance and OKX also reported significant liquidation volumes, reflecting broader market volatility.
The Bitcoin price rise followed U.S. President Donald Trump’s announcement that he was moving to negotiate trade deals with various countries and denied rumors that he was considering firing Federal Reserve Chair Jerome Powell.
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