Bitcoin Short-Sellers Crushed as Price Hits New ATH

Bitcoin short-sellers faced a brutal shakeout on Thursday as the world’s largest cryptocurrency surged to fresh all-time highs, triggering over $1 billion in liquidations within 24 hours. According to CoinGlass data , crypto markets saw $1.01 billion in short positions liquidated. This included around $570 million in Bitcoin shorts and nearly $207 million in Ether shorts, as Bitcoin hit $116,500 and Ether touched $2,990 on Thursday. The surge marks Bitcoin’s second consecutive day of setting new records, with Wednesday’s peak at $112,000 being swiftly surpassed. The rally lifted the total crypto market capitalization by 6% over the past day to $3.68 trillion, according to CoinMarketCap. Bitcoin Traders React to the Massive Short Squeeze The swift upward move caught many in the market off guard. “Bears in disbelief,” crypto analyst Miles Deutscher posted on X, while trader Daan Crypto Trades described the price surge as a “MASSIVE Short squeeze on BTC & ETH.” Velo, another market commentator, highlighted the scale of the liquidations, noting, “Lots of emails are being sent.” This liquidation event, while significant, was smaller than the one recorded on February 3, when over $2.24 billion in positions were wiped out amid fears of a global trade war following import tariff announcements by US President Donald Trump. Despite these past shakeouts, Thursday’s squeeze was notable for the speed at which Bitcoin moved past its previous record levels. Split Sentiment Before the Breakout Earlier in the week, analysts were divided on Bitcoin’s near-term potential to break new highs. Bitfinex analysts noted on Tuesday that BTC was showing a “lack of follow-through strength,” with bulls appearing hesitant without a clear macro catalyst, as the asset hovered around $108,500. Their report stated that traders were waiting for fresh momentum before pushing the price significantly higher. However, others, including MN Trading Capital founder Michael van de Poppe, were more optimistic. “The inevitable breakout to an ATH on Bitcoin might even happen during the upcoming week,” van de Poppe predicted on June 30. For now, market participants are watching closely to see if BTC can hold above its new highs or push further. If Bitcoin retraces to Wednesday’s level of $112,000 , around $2.11 billion in long positions could be at risk of liquidation, adding another layer of tension as traders recalibrate in the face of BTC’s latest historic climb. The post Bitcoin Short-Sellers Crushed as Price Hits New ATH appeared first on TheCoinrise.com .

Source: The Coin Rise