With Bitcoin’s rise... $110 million short positions liquidated in one hour

JOON HYOUNG LEE

Summary

It was reported that more than $110 million of short positions were liquidated in the past hour due to the rise in Bitcoin’s price.
It was stated that across the entire cryptocurrency market, $330 million worth of short positions were liquidated in one day, recording the highest level in a month.
Bitcoin is now analyzed as being balanced between structural support and weakening upward momentum following the clearing of excessive leverage.

Amid Bitcoin (BTC) price increases, over $100 million worth of short (sell) positions were liquidated in the past hour.

CoinDesk, citing CoinGlass data on the 9th (local time), reported, "Over $110 million of short positions were liquidated in just one hour due to Bitcoin’s rally," and added, "Across the entire cryptocurrency market, $330 million of short positions were liquidated in one day, marking the highest level in a month."

In this context, the global virtual asset exchange Bitfinex stated in a report that "the cryptocurrency market has formed a stable foundation for the next rise after Bitcoin approached $100,000." Bitfinex analyzed, "Over $1.9 billion was liquidated in the crypto derivatives market last week, which cleared excessive leverage," and added, "Currently, Bitcoin is balancing between structural support and weakening bullish momentum."

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