U.Today – Bitcoin (BTC) Liquidation Imbalance

Major cryptocurrency Bitcoin (BTC) experienced an unusual event recently. According to CoinGlass data, short positions, which are bearish, were liquidated for $9.46 million within minutes. In contrast, long positions, or bullish bets, saw only $1.1 million in liquidations. This created an 860% imbalance in liquidations favoring the bulls.

Bitcoin (BTC): Price Outlook

During this period, Bitcoin's price surged 2.1% in just half an hour. This increase is significant for an asset valued over $1.3 trillion and led BTC's price to break above the crucial $70,000 mark. As a result of this technical and fundamental movement, many short positions did not hold, leading to a cascade of liquidations for sellers, thereby further driving up the price.

Currently, however, the price has receded below $70,000, and open interest indicates that traders are hesitant to open new positions.

This article was originally published on U.Today.