Bitcoin’s price has soared past the $36,000 threshold, marking the first time since May 2022 that the leading cryptocurrency has reached this level. This uptick has led to “a short squeeze” under a four-hour timeframe, resulting in nearly $50 million of liquidations. In a recent ...
- Bitcoin passed $36,000 for the first time since last May, triggering a short squeeze.
- CoinGlass data shows 56,581 traders face $164.39 million in losses.
- Bitcoin’s rally coincides with SEC-Grayscale discussions for potential spot ETF approval.
Bitcoin’s price has soared past the $36,000 threshold, marking the first time since May 2022 that the leading cryptocurrency has reached this level. This uptick has led to “a short squeeze” under a four-hour timeframe, resulting in nearly $50 million of liquidations.
In a recent tweet, the prominent derivative market tracker CoinGlass captured the short squeeze reoccurrence.
For context, a short squeeze is a market phenomenon where a sharp increase in an asset’s price forces short sellers, who have bet against the asset’s rise, to close their positions, propelling the price even higher.
According to CoinGlass data, 56,581 traders were liquidated with $164.39 million in losses. Liquidation, a term dreaded by traders, involves the forceful closure of leveraged positions due to a partia…
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