Bitcoin’s recent price jump to almost $87,000 has wiped out a lot of short-sellers. These traders bet against Bitcoin, expecting its price to drop. Instead, they got squeezed, losing a hefty sum.
Massive Liquidations
Over $200 million in crypto positions were liquidated in the last 24 hours. A huge chunk of that – about $77 million – was from Bitcoin alone, with the vast majority coming from those who bet against it (short positions). Bybit and Binance saw the biggest losses among exchanges. This is a classic “short squeeze,” where the price moves so fast against short-sellers that they’re forced to buy back Bitcoin at a loss, fueling the price increase even further.
The Price Climb Continues
Bitcoin’s price is currently trading around $87,000, and experts are predicting further gains. One analyst suggests that if Bitcoin breaks through the $87,000-$87,400 resistance, it could easily hit $89,000-$90,000, and potentially even $92,000-$93,000. This upward momentum is partly fueled by the recent liquidations. Just last month, Bitcoin was trading below $85,000, but the trading volume has actually increased significantly since then.
Whales are Buying
While some are worried about a potential price drop, big Bitcoin investors (“whales”) are actually buying more. Data shows a recent surge in whale activity, with many accumulating Bitcoin during price dips. This suggests they believe the price will go up. This buying pressure is likely contributing to the current upward trend.
