According to Watcher.Guru, roughly $115 million worth of cryptocurrency short positions were liquidated within the last hour, signaling a rapid short squeeze as prices rose. The unwinds pushed prices higher, with Bitcoin briefly breaking the $74,000 level before retreating. As of the latest data, Bitcoin is up 2.85% on the day, trading at $73,626.72.
This scale of short-covering can add buying pressure and extend gains in the near term. Alts also rallied in tandem, confirming a broad risk-on move across the cryptocurrency market.
Traders will watch whether BTC can sustain gains above key levels and whether the broader market can maintain momentum. The session underscores how short-position liquidations can move prices across BTC and altcoins.
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