More than $1.6 million worth of crypto shorts were liquidated as the price of Bitcoin increased sharply. This reversal has added to the already positive sentiment within the trading community.
In one hour, the prices of Bitcoin and other cryptic increased by over 15%. This surge has resulted in a higher number of long bets than shorts in the market.
Still, trading volumes are low and nowhere near all-time highs. Even so, hardcore traders remain skeptical about bull attacks.
Despite the market's rapid price hike, the unexpected Musk endorsement has not helped short-sellers. As of press time, Bitcoin was trading in the $37,000 range.
While price spikes are usually a reason for celebrations, the spike in Bitcoin's price has been particularly damaging for short-sellers. According to Glassnode data
over $57 million of short positions on Binance were liquidated in just 10 minutes. The total amount of short positions on Binance has since topped $201 million in a single day.
the technical indicators continue to show a massive spike in volatility. The next twelve hours will determine whether Bitcoin's price can stabilize or begin to correct.