Short Squeeze To $81K
Bitcoin jumped from the mid-$76,000s to intraday highs between $80,935 and $81,238, briefly trading above $81,000 with a market cap near $1.62 trillion, before settling just above $80,000. One detailed breakdown notes that about $238 million in bitcoin shorts and over $470 million in crypto shorts were liquidated over 24 hours, compared with only a few million in long liquidations, as prices ripped past prior resistance levels around $78,000 to $80,000. Another dataset shows roughly $547 million in leveraged crypto positions liquidated in 24 hours, including around $243 million tied to bitcoin alone, as BTC crossed $81,000. This combination of rapid price move and forced closing of short positions is a textbook short squeeze.
What this means: The move was driven heavily by positioning in derivatives, so it can reverse quickly if new spot buyers do not step in after the squeeze.$BTC #BTC
Bitcoin jumped from the mid-$76,000s to intraday highs between $80,935 and $81,238, briefly trading above $81,000 with a market cap near $1.62 trillion, before settling just above $80,000. One detailed breakdown notes that about $238 million in bitcoin shorts and over $470 million in crypto shorts were liquidated over 24 hours, compared with only a few million in long liquidations, as prices ripped past prior resistance levels around $78,000 to $80,000. Another dataset shows roughly $547 million in leveraged crypto positions liquidated in 24 hours, including around $243 million tied to bitcoin alone, as BTC crossed $81,000. This combination of rapid price move and forced closing of short positions is a textbook short squeeze.
What this means: The move was driven heavily by positioning in derivatives, so it can reverse quickly if new spot buyers do not step in after the squeeze.$BTC #BTC