Bitcoin has been on a tear lately, shooting past $64,000 after a big jump in just four days. This unexpected rally has caught a lot of traders off guard, especially those who were betting on Bitcoin to drop.
Short Sellers Caught Off Guard
The sudden price spike has resulted in a massive wave of liquidations, with over $182 million worth of positions getting wiped out in the past 24 hours. The majority of these liquidations were from short sellers who were hoping to profit from a Bitcoin decline.
Binance Leads the Liquidation Frenzy
Binance, one of the biggest cryptocurrency exchanges, saw the most liquidations, with around $77 million worth of positions getting wiped out. OKX followed closely behind, with $58 million in liquidations. Other exchanges like HTX, Bybit, and CoinEx also saw significant liquidations, though on a smaller scale.
More Liquidations on the Horizon?
This unexpected rally could be a sign of things to come. If Bitcoin continues its upward climb, we could see even more short sellers getting squeezed out of the market. This could further fuel Bitcoin’s ascent as the selling pressure from short sellers decreases.
It’s a wild ride for Bitcoin right now, and it’s anyone’s guess where the price will go next. But one thing is for sure: the recent rally has definitely shaken things up in the crypto market.
